Why You Shouldn’t Hide Assets In Your Divorce

If you are looking to divorce your partner using the collaborative divorce process, it is important not to hide any financial assets and be completely transparent.  

Couples agree to disclose all requested information about their finances during the collaborative divorce process. If either client hides assets, the collaborative lawyers must withdraw from the process.

Hiding cash, diverting assets to someone else, offshore accounts, and even income tax prepayments are common ways to hide assets.

When you choose to divorce using collaborative divorce, everyone involved agrees to fully disclose all pertinent information and work together in a peaceful environment to avoid going to court.

It is understandable why couples are concerned about possible assets being hidden, especially if the financial landscape is complex and they are involved in a court divorce. In collaborative divorce, there are safeguards that everyone involved must abide by, and a neutral financial mediator is part of the team.

The lawyers for each client involved are trained to confirm both spouses have submitted all the financial information needed, while litigation lawyers must submit a formal discovery request.

While court testimony and discovery in a court-litigated divorce can shine a light on specific assets, it is often time consuming and costly. There is also a potential to miss hidden assets because couples only have to provide details on specifically requested financials.

At Peace Talks, our team of experts strives to help individuals and couples face complex financial challenges objectively using a financial neutral, examine various scenarios thoroughly, and reach agreements that consider the entire family’s best interests, both financially and emotionally.

Whether you are getting divorced, planning your estate or negotiating a premarital agreement, our team of experienced, skilled divorce mediators and family law mediators will create practical solutions to difficult financial situations.

Contact us today to see how we can help you ensure your divorce will be completed with the transparency your separation deserves while staying away from court litigation.

Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.

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