Pennsylvania is an equitable distribution state. This means that during the course of divorce, marital assets are divided in a fair, but not necessarily equal, fashion. However, to ensure that you get your fair share of the marital estate, you need to ensure that you’re looping in all assets that really are marital in nature. That might sound simple enough, but the truth of the matter is that in many high-asset divorces, spouses try to hide assets to avoid sharing them with their spouse.
How martial assets are hidden
There are a lot of sneaky tactics that a spouse can take to try to hide assets from you and the court. One common way is to simply open a new bank account in their name only or under the name of an alias. Some property, such as real estate and vehicles, may be retitled in the name of a family member or a friend. That gives the impression that the property was gifted to someone else, thereby removing it from the marital estate, but the spouse intends to retain full use of that property post-divorce. In some instances, a spouse even squanders assets away, such as by taking lavish vacations, prior to divorce so that they don’t have to share those assets with their spouse during divorce.
Seeking out hidden assets
It can be challenging to know when assets are being hidden and how to find them if you suspect that your spouse is hiding them from you. One thing you can do is work with a forensic accountant. These financial professionals can analyze your and your spouse’s financial records to look for indications that assets are hidden. Oftentimes these professionals are even able to locate hidden assets and generate reports that can be crucial to your divorce case.
Have the strong legal advocate that you need
Dealing with complicated financial matters during divorce can be complex and confusing, especially when you’re dealing with the emotional ramifications of divorce. That’s why it might be best for you to work closely with an aggressive legal advocate who can help you present the compelling arguments you need to position yourself for post-divorce success.