Divorce can be a difficult time for everyone involved. If your former spouse is attempting to hide assets or retain more of the estate than is legal, you will likely have a difficult divorce. In cases where one spouse is attempting to hide assets, the help of an experienced Rhode Island divorce attorney is critical to an equitable and fair outcome the divorce.
Your attorney will understand property division laws and precedent. It’s sad to say, but the greater and more diverse the assets held by your family, the more likely it is that your spouse could try to hide or conceal assets during the divorce.
High asset divorces can often include unusual assets, such as investment properties, retirement accounts of various forms and valuable possessions, such as classic cars or collections. All of these different assets should be carefully located and then priced by a professional who understands their current market value.
Your attorney can help you connect with appraisers and other professionals, such as forensic accountants. These financial professionals can locate missing income and help you identify hidden or concealed assets. Finding them helps ensure a fair division of assets during the divorce.
Rhode Island’s standard is equitable distribution
The state of Rhode Island’s laws require the equal division of marital assets between the divorcing parties. The state calls it equitable distribution. Generally, all assets acquired during the marriage are divided equally, unless there is a prenuptial agreement. In some cases, the courts may give assets from one party to the other in lieu of spousal support after the divorce.
For the vast majority of cases that the courts hear, however, the goal of asset division is equality and fairness. This can be difficult to achieve if one party is trying to hide assets from the court and his or her former spouse.
Thankfully, working with the right attorney can reduce the risk of hidden or overlooked assets. Your attorney can connect you with professionals, such as art experts and forensic accountants to ensure you can locate and accurately determine the value of all marital assets. Failing to investigate could result in a highly unfair outcome to the division of assets during your divorce. That’s why it is so important to speak with an attorney right away if you think your former spouse is or has been attempting to hide assets to keep them out of the divorce.
Your attorney will advocate for an equitable distribution
When your financial fate is in the hands of a judge, you want to know that your case has been presented accurately and that facts are on your side. Working with an attorney to locate and place a value on hidden or unusual assets can help ensure a fair outcome to your divorce.