Divorce can be a time of distrust, stress, and uncertainty. These emotions may be even more amplified when you believe your spouse is hiding assets to avoid a fair and equitable settlement. Getting to the bottom of these fears requires a detailed analysis of a couple’s finances and lifestyle. The Nashville family law lawyers at Martin Heller Potempa & Sheppard have the experience to understand whether assets are being hidden during divorce proceedings and how to locate them. As a technologically advanced firm, we use high-quality forensic tools, as well as other experts in the field, to uncover assets and pursue their proper distribution.Uncovering and Distributing Hidden Assets
In an attempt to secure property in a divorce proceeding, a spouse may use a variety of methods to keep income or assets hidden from the other party. These assets may have a significant effect on not only the division of property but also awards of child support and alimony. Using skilled forensic accountants may be important in investigating and uncovering hidden assets. These may be disguised in a number of ways, including:
- Undisclosed tax returns or financial statements;
- Misrepresentations regarding self-employment or business ownership;
- Offshore accounts; or
- Failures to report any offshore income.
These are only a few ways that a spouse may manipulate his or her money or property holdings to avoid making proper payments to the other spouse during a divorce. Making sure that the division of property and any support amounts are fair and accurate requires careful calculations of financial records in the current year, as well as the previous three years. Reviews of tax returns and comparisons of these returns with financial statement records are important steps in ensuring that income has been reported truthfully.
A spouse found to be concealing assets may be subject to substantial penalties, even beyond financial consequences in divorce settlement proceedings. If it is found that a party has hidden income following the completion of interrogatories, produced false documentation, or falsely testified under oath, he or she could face punishment for perjury or contempt. A judge may also award a significantly larger portion of the discovered assets to the non-offending spouse, as well as attorney’s fees or other court expenses. This is in part because the equitable distribution rules of property division in Tennessee are based on fairness rather than making an exactly even split.Consult a Nashville Lawyer for Your Divorce Proceedings
Going through a divorce is already one of the most difficult times in one’s life. If you believe your spouse is being dishonest and hiding assets, the proceedings may become even more tumultuous and emotional. Making sure you have a capable legal team on your side is important. The Nashville divorce attorneys at Martin Heller Potempa & Sheppard offer dedicated legal representation to people going through the process of dissolving a marriage. Our firm can utilize a broad range of resources to uncover any hidden income or assets your spouse may be concealing. We also represent people in Franklin, Hermitage, Belle Meade, and Brentwood, as well as other communities throughout Davidson and Williamson Counties. Call us at (615) 800-7096 or contact us online to set up a free consultation.