Uncovering Hidden Assets During Your Virginia Divorce (Part A)
Divorce often begins with some type of deception. Marriages are built on trust and when that trust is broken, it is very difficult to rebuild the bond between partners. Financial deception is one of the most common breaches of trust between spouses.
There are various forms of financial deception; hiding assets is one of them. A partner might hide money and other assets throughout the marriage, and continue to do so during the Virginia divorce.
Hiding assets can be a way for a partner to protect himself during the divorce, and can be done out of spite to purposely cheat a spouse out of marital property.
It is illegal for a spouse to intentionally hide assets during a divorce, but sometimes it can be very difficult for anyone to discover the deception. If you're going through a Virginia divorce and you suspect your husband is hiding assets, your best bet is to have a Newport News divorce attorney investigate the situation.
Who hides assets from their spouse and why?
A partner may hide assets because he is spending money on items or activities that that he's trying to hide, such as drugs, alcohol or an adulterous relationship.
Other times, a partner might hide assets in anticipation of leaving the relationship. He may feel that the relationship is going bad and will want to have enough money to make an "escape."
Spouses often hide assets in order to avoid dividing them in a Virginia divorce, or to appear less wealthy so they can pay less Virginia spousal support or child support.
What qualifies as hiding assets?
Some couples going through a Virginia divorce prefer to keep their respective financial dealings to themselves as much as possible, and agree to do so from the start. They are not intentionally hiding assets, and would divulge their financial information if necessary.
When deception is carried out intentionally and the spouse falsifies documents or takes other desperate or illegal steps to keep the assets a secret from their spouse and/or the court during Virginia divorce, this is considered hiding assets.
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