When the marriage is over and divorce is on the horizon, one of the most contentious matters that the couple must resolve is how they will share the assets they acquired while married. Of course, money matters can be quite challenging to maneuver because a lot of factors have to be considered.
Divorce and finances become even more overwhelming when one party is not being forthright and is purposefully trying to avoid disclosing their real financial situation. It’s important to understand that this amounts to hiding marital assets, and it comes with consequences. So, what do you do if your spouse is not being truthful about marital assets?
Understanding the concept of “hiding” marital assets
Hiding assets refers to when a spouse deliberately conceals what they own during the divorce. It can take a variety of forms such as having a secret bank account, passing money to friends to hold onto or stashing money in secret safe boxes. The overall goal of hiding assets is usually to deprive one spouse of their fair share of the marital property per Rhode Island’s equitable property distribution laws.
Your options if your spouse is hiding marital property
If your spouse is hiding marital property, you have options. First, you need to put your evidence together. Hiring a forensic accountant may be crucial to this, as of course is taking legal help to put the case together.
Whether it is intentional or accidental, hiding marital assets is a big deal. Understanding your legal options can help you assert your rights if your spouse is concealing marital property.