Full and frank financial disclosure is a key part of the financial aspect of the divorce process. If one party is trying to hide assets from the other, this can have serious consequences for the party at fault. In this article, we’ll take a look at what financial disclosure means and explain what you can do if you think your spouse is hiding assets.
What is financial disclosure?
Both parties are expected to make full and frank disclosure of their finances during financial proceedings arising out of a divorce . Without both spouses fully revealing their financial situation to each other, achieving a fair financial settlement is difficult, if not impossible.
If one spouse suspects that the other is hiding something, this could result in negotiations breaking down and court proceedings becoming very expensive and time consuming. The court can then order each party to fully disclose their financial situation,
Asking a court to decide your financial settlement should normally be viewed as a last resort, as it can be time-consuming and costly. Therefore having solicitors on your side who are experienced in financial disclosure and hidden assets, such as Grayfords, is vital.
How to find hidden assets
A good solicitor will be able to spot when your spouse is trying to hide assets. For example, your spouse may have provided an incomplete list of transactions from their online banking or have a hidden bank account where they are transferring their cash.
There are often telltale signs that something is not right, and an experienced solicitor will be able to spot these and take the necessary action.
If you think your spouse is hiding money in your divorce, it’s vital that you discuss your concerns with an experienced divorce solicitor as soon as possible.
What actions can the court take if my spouse is hiding assets?
There are several different remedies that the court can use if one party is attempting to hide assets in a divorce. For example, if one party is hiding money, the court could make a court order on the basis that this money is available. The court can also ultimately demand the necessary financial information directly from financial institutions such as banks or even a party’s employer
What can I do if I think my spouse is hiding assets?
Seek advice from an experienced solicitor as soon as possible. You may find yourself in trouble with the law if you attempt to begin an investigation yourself.
Get in touch today to book your free initial consultation with one of our experienced divorce lawyers.