Attempting to hide assets during a divorce
One of the reasons marriages end is because of endless confrontation. The irony of this in a divorce situation among couples in San Francisco is that confrontation actually may continue if one spouse suspects the other of hiding assets. It can be a challenging prospect especially when the situation is likely already emotionally charged.
Since there may have been some considerable assets amassed during the marriage, there may be concerns about the division of property and making sure a spouse gets his or her fair share. California is one of only nine community property states and as such spouses are deemed to equally own all income and assets earned or acquired during the marriage. So, when one spouse hides assets it can be especially unfair to the other.
The need to account for assets
Some spouses may attempt to hide assets which are intangible so they don’t have to split them with their soon-to-be former spouses. Just because hiding assets is illegal, it does not stop some people from trying to do so. Here are some questions a spouse who suspects assets are being hidden might want ponder:
- Does the person have a top-flight position in a company with restricted stock that may need addressing?
- Does either spouse hold cryptocurrency such as Bitcoin? Some spouses may think this type of currency is easier to hide.
- Was one spouse in the military for 20 years or more that overlapped in the marriage? If that is the case, the other spouse has claim to his or her military benefits.
- Is a pension a part of one spouse’s job? If so, the other spouse has claim to part of that pension.
The need to be exhaustive when considering marital assets during a divorce is crucial. Not looking for suspected hidden assets could be detrimental to the other spouse. If one spouse discovers the other has indeed attempted to hide assets, he or she should discuss options with a San Francisco attorney experienced in family law.