The dissolution of a marriage is one of life’s most stressful and challenging events. The divorce process can be drawn-out and destructive for all parties involved. As part of the process in Kansas, both spouses must reveal and disclose all their financial assets. However, in a high asset divorce, a spouse may hide things or neglect to disclose all assets.
How assets may be hidden
Spouses can hide assets in many ways. Spouses who own a business may use the business in ways to make it look like they have less money than they do. This can be something as simple as waiting until after the divorce to make a lucrative business deal. Another way a spouse may attempt to hide assets is by setting up a trust or gifting money to a close friend or family member who will return the money after the divorce is finalized.
Finding hidden assets
Examining all financial documents is a good way to locate hidden assets. Even if one spouse was solely responsible for managing all finances, the other spouse has the right to request copies of all financial documents. Another way to find hidden assets is in the discovery process, which is the process of gathering evidence before the trial. During discovery, the attorney can ask the other party to hand in specific financial documents and answer questions called interrogatories.
Hiding assets is illegal and comes with penalties. If a spouse is caught hiding assets, the court may require the individual to pay the spouse his or her share of the assets. Any person in Kansas who has questions about high-asset divorce or any part of the divorce process can significantly benefit by consulting a seasoned and knowledgeable family law attorney.