HIDING YOUR ASSETS DURING A DIVORCE One of the most noteworthy issues individual

HIDING YOUR ASSETS DURING A DIVORCE

One of the most noteworthy issues individuals encounter during a divorce is dividing up their assets. For some individuals the issue is even more precarious especially if one spouse seems to be hiding their assets. It is however quite common for spouses to hide money and assets prior to, and during divorce proceedings.

Whilst hiding money and assets to prevent a fair division of a matrimonial estate is dishonest and unlawful, it is a problem that occurs the world over.
The main purpose of hiding money and assets in a divorce are for a number of reasons, namely

To depreciate an asset

To not disclose any assets

To place oneself into debt and thereafter declare themselves insolvent

Stating that ones income is less than what it is

Overinflating monthly expenditures as opposed to what ones monthly expenditure actually is.

It may not always be possible, but in the event that you believe that your spouse may be considering a divorce or separation, be prepared! It is advisable to try and obtain copies of the following

Identification documents - not just for your spouse, but for stepchildren and other family members who may have a vested interest in funds being held on behalf of your spouse

A list of assets and liabilities

Sources of income

Any company documentation for a self-employed individual or business owner

Any title deeds to immovable properties

Mortgage bond accounts

Bank statements for local and any foreign bank accounts and

Trust deeds.

If you are concerned that your spouse may be hiding assets a good option is to speak with your Attorney or your Accountant. In some instances a Forensic Accountant or private investigator may need to be instructed to establish whether your spouse has in fact been hiding assets.

To read this FULL article view our blog post link httpsbenitaardenbaum.comhiding-your-assets-during-a-divorce

Contact our offices on 031 536 6000 or officebaattorney.co.za for further information and assistance on divorce law matters. We protect what matters to you.

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