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Hidden assets can skew fair property division

| Mar 25, 2021 | Uncategorized

During a divorce, each spouse will pursue terms that allow him or her to have a strong financial future. Fair property division is a key component to this for both parties. When one spouse attempts to hide assets in order to keep a larger share of marital assets and wealth, it can negatively affect the other. It is within one’s rights to seek full financial disclosure, pursue hidden assets and fight for a fair share of all marital property.

Assets to consider

When going through a divorce, a spouse may only think about the most obvious assets, such as bank accounts, the family home and retirement funds. There are other less common assets that may be easily hidden because of their potential long-term value. A Virginia spouse would be wise to consider ensuring their spouse has fully disclosed all information pertaining to the following:

  • Restricted stock units, often part of a compensation package for someone who works on an executive level
  • Military benefits if the spouse served in the Armed Services at any point in the past
  • Pensions from former employers, even if it has been years or decades since employment
  • Cryptocurrency, such as Bitcoin, that could be held in separate and undisclosed accounts

If there is suspicion a spouse has not been fully forthcoming during financial disclosure, the other spouse may want to take steps to locate, identify and value hidden assets.

Long-term security

Hidden assets are typically an attempt to keep the other party from his or her fair share. It is unfair and frustrating, but there are options for those who suspect they aren’t getting what they are entitled to. With the help of a Virginia attorney, it is possible to seek and secure terms that allow one to have long-term financial security.