Financial negotiations are a standard procedure in most Florida divorces. While some people begin their marriages with prenuptial agreements in place, many others have to handle property division matters during the divorce because they did not previously set any terms.
Florida has a law requiring an equitable or fair division of property based on marital circumstances. The courts consider everything from the duration of the marriage and the separate property of the spouses to custody arrangements for their minor children. Ideally, both spouses should agree that the property division decree is fair.
However, sometimes complicating factors can make it much more difficult for spouses to arrive at a fair solution for property division matters. One common concern is the possibility that a spouse may have hidden assets or income to manipulate the outcome of the process.
How can someone who worries about hidden assets confirm whether there may be undisclosed property or income at issue?
Financial discovery helps uncover resources
During divorce litigation, both spouses usually have an obligation to provide financial disclosures to one another. Some spouses attempt to sidestep this requirement by settling property division matters before going to court. Uncontested property division settlements may not be the best solution for those who suspect hidden assets.
Instead, they need to make use of the discovery process. They can request an inventory of assets and other financial records from their spouse. In some cases, spouses and their lawyers can find warning signs of potential financial misconduct when reviewing those disclosures.
Support from specialists may be necessary
Some types of hidden assets are harder to track than others. Maybe one spouse consistently requested $100 in cash back every time they bought weekly groceries with a debit card for the last four years. They could have a substantial stash of cash on hand that they may not disclose to their spouse or the courts. Perhaps one spouse diverted a portion of their paycheck before the funds hit the joint account.
People don’t always know what their spouses earn or what property they have accumulated with marital assets. Forensic accountants can help go over financial records to track income, uncover financial discrepancies and highlight concerning conduct that may indicate there are hidden assets not disclosed to the courts as required by the law.
Only those who find and quantify hidden assets can request their fair share of those resources when they divorce. Bringing in the right assistance and being thorough about financial evaluations can help people obtain a fair property division decree in a Florida divorce.