What Can I Do if My Ex Is Concealing Assets in NJ?

Unfortunately, divorce can often bring out the worst in people. Dealing with the overwhelming number of emotions can cause some to act out or make rash decisions that can have a lasting impact on others in their lives. One such decision is to hide assets during the divorce to spite their spouse. However, this can have considerable impacts on many, including any shared children. As such, if you have reason to believe your spouse is concealing assets, the following blog explores what steps you can take with the help of a Morris County divorce lawyer to help you through these matters.

Why Might Someone Hide Money During a Divorce?

Unfortunately, there are a number of reasons that someone may try to hide money or conceal assets during the divorce process. Generally, when you and your spouse file for divorce, there is a process known as discovery. It is during this period that financial statements showing assets and liabilities are exchanged. It’s imperative to understand that full transparency is required. However, your spouse may take steps to hide assets in order to receive a more favorable outcome as part of the divorce. In New Jersey, all marital assets are subject to division under the state’s equitable distribution method. However, if the court is unaware of the existence of a certain asset, it won’t be split, allowing your spouse a better share of assets.

You may find that your spouse also hides assets or misrepresents their income as a means of paying less money in alimony or child support each month. This is often a result of feeling as though their spouse does not “deserve” these funds. As such, the court may order a lower monthly payment because they believe the paying spouse’s income to be lower than it is in reality.

If I Believe My Ex Is Concealing Assets, What Can I Do?

If you have reason to believe your ex is concealing assets during your divorce, connecting with an experienced attorney during these difficult times is critical. They can examine all information obtained from your spouse, including financial statements, to look for suspicious transactions or inconsistencies in documents that can suggest fraud. Additionally, the skills of a forensic accountant may be utilized. These are skilled individuals who can help uncover hidden assets.

In the event your divorce is closed, but you have reason to believe your spouse withheld assets during the divorce, such as them purchasing expensive property or even bragging about how they got away with their scheme, you should contact your attorney as soon as possible. Though you may try to re-open your case, this can be difficult in equitable distribution states like New York. However, you can also file a civil lawsuit against them for their deception.

These matters can be incredibly stressful to navigate, especially while coping with the stress of a divorce. As such, connecting with an experienced attorney to discuss your legal options is critical. At Haber Silver Russoniello & Dunn, our dedicated team can help guide you through this process so you can focus on the next chapter of your life. Contact us today to learn how we can assist you.