Chances are that couples ending their marriages may have not always been honest with each other on some important issues. That can certainly translate into the divorce arena, especially if the question of hidden assets arises. Louisiana residents who are divorcing should always disclose their assets to a soon-to-be former spouse — primarily because it’s the law and also because the consequences for not doing so could be severe.
Hiding assets just isn’t worth it, especially if a judge finds out and awards all those assets to the other spouse. It is incumbent upon each individual to be transparent where assets are concerned and to be at the ready to show income tax returns, bank statements and documents pertaining to retirement plans, stocks and bonds and the like. A recent study has shown that 33% of individuals have hidden a purchase from a spouse, which can cause issues in a marriage, but hiding such things in the divorce process may cause grim legal problems.
Making financial disclosure is easier from the outset — before one is forced to do so. Lawyers can help a client to catch a spouse who is potentially hiding assets before a divorce settlement is reached, but it is nearly impossible to do afterward. Lawyers may be able to help their clients to secure all the necessary information regarding the true financial snapshot of their clients’ spouses to ensure all assets are on the table prior to a divorce becoming final.
Finding hidden assets is not always an easy exercise, but a Louisiana attorney may be able to help a client in doing so. A lawyer may also be able to provide access to individuals who can find hidden assets such as forensic accountants. A lawyer may have ways of finding hidden assets, such as through subpoenas, court orders, banks and other financial institutions.