To ensure that you are getting your fair share of the marital assets in a Wisconsin divorce, it is vital that both spouses provide accurate and truthful information regarding their income and assets, but it is not unheard of for one spouse to fudge the numbers to avoid the equal division of the marital pot.
In fact, despite the fact that hiding marital assets in a divorce is against the law, it is not uncommon for a spouse to find creative ways to do so such as:
- under reporting income of a small business;
- under valuing assets;
- paying off/overpaying friends or family for “a debt” expecting return of funds later;
- delaying compensation at work by putting off a raise or stock options until a divorce is finalized;
- purchasing cryptocurrency to hide cash;
- depositing money in off shore accounts;
- other methods
If you suspect your spouse is hiding assets in your divorce, there are a number of steps you can take to protect yourself. First, if you are considering divorce, it is advisable to prepare by taking inventory of your family assets to the best of your ability. Review and secure copies of tax returns, bank accounts, important receipts, and other financial statements.
Next consider enlisting the help of a forensic accountant who are trained to analyze financial records, whether it be personal records or records of a spouse’s business. A forensic accountant can uncover inconsistencies, unusual transactions, or other evidence that points to hidden assets.
If you have concerns regarding hidden or under reported assets in your divorce, your attorney can also request discovery, which is a legal demand for information from the other party with legal consequences attached for fudging the facts. At a minimum, a spouse hiding assets may be subject to sanctions such as the award of attorneys fees to the other spouse or a larger share of marital assets.
Contact an Experienced Wisconsin Divorce Lawyer for Help
Hiding marital assets in a divorce is prohibited by law, but unfortunately some spouses will try to get away with it. If you have concerns regarding the division of marital assets in your Wisconsin divorce, it is important to work with an experienced divorce attorney who can pursue the facts to ensure you receive your fair share of marital assets. Contact divorce lawyer Jane Probst for immediate assistance at 414-210-3135.