Divorce is Possible - What Should I Look Out For Regarding Assets?

In anticipation of a divorce, a party may choose to hide assets.  This is stating the obvious, but not everyone is interested in being fair in a divorce.  There are a myriad of ways to attempt to hide assets, including buying expensive items or collectibles with an eye towards selling the property after the divorce.  Another option is to transfer assets to friends or family members with an agreement that the assets will be returned once the divorce is finalized.

How does one guard against this sort of behavior?  First, utilize information to which you have access.  If you can retrieve account statements or online information, check those records periodically to determine if any unusual spending has occurred.   Second, be aware.  Has jewelry or other expensive items around the house gone missing?  If so, perhaps it is being hidden.

This may sound a bit paranoid, but if you sense a divorce filing may be on the horizon, the more information you can provide to your attorney, the better prepared you will be.

The following article has additional items to be on the lookout for.  While this particular author’s audience is women facing a divorce, the advice set forth in the column contains helpful advice to all individuals.

http://www.forbes.com/sites/jefflanders/2012/03/14/divorcing-women-heres-where-husbands-typically-hide-assets/

At Hollingsworth & Zivitz, P.C., our team has the experience, the understanding, and the compassion to assist with your family law needs. If you have questions or concerns regarding divorce, custody, support, or any other family law concerns contact our firm at 317.569.2200 or hzlegal.com