Hidden Assets Attorney In Bel Air, CA
If you suspect your spouse or ex of hiding their assets, it’s important to trust your intuition. In these situations, it’s critical to seek guidance from a Bel Air hidden assets lawyer who knows how to protect your rights.
Discovering hidden assets can be extremely damaging to your trust in your partner and the relationship overall. You deserve to know the full truth to make informed decisions about your financial well-being.
Why Choose Us?
The team at Kramer & Zitser, LLP, has over 50 years of combined legal experience. Our firm was founded by two senior attorneys. We are ready to help California communities in all aspects of family law.
Our clients appreciate our approach to their cases, as we strive to resolve all legal matters as efficiently and privately as possible. While we aren’t afraid to go to trial, we understand the value of our clients’ time and mental health. We regularly represent our Bel Air clients at the Santa Monica Courthouse, located at 1725 Main Street in Santa Monica.
California’s Hidden Assets Laws
In California, the law requires honesty and transparency when a marriage ends through divorce or legal separation. The goal of the court is to:
- Protect the couple’s property and debts at the time of separation.
- Make sure child and spousal support awards are fair.
- Divide assets and debts properly under California law.
California recognizes two types of property in a marriage:
- Community property. This is generally any property obtained during the marriage, including income and debts.
- Separate property. This is any property obtained before a marriage, such as any income or a home.
However, separate property may become mixed with community property. For example, you owned a home before the marriage. Your spouse moved into the home, and it became the marital home. You both then used a combined bank account to make home improvements during your marriage. That home may now be considered community property.
To reduce conflict and unnecessary costs, both spouses must fully share financial information. This includes listing all assets, debts, income, and expenses early in the process.
Each person must also keep updating this information if anything changes. That way, when the parties reach an agreement or go to trial, both sides have complete and accurate knowledge of the finances involved.
The Legal Penalties of Hiding Assets During a California Divorce
As of 2023, the average annual household income in Los Angeles County was $86,587. If someone is hiding assets, this can heavily affect the other spouse. While hiding assets can be more common during separation or divorce proceedings, it can also happen during prenuptial agreements or throughout the marriage. If you catch your spouse hiding assets, you can hire a hidden asset lawyer and open a legal claim.
The court can review the couple’s property, debts, and ownership rights, and it can change titles to correctly identify property as community property. The court can award the other spouse 50% of any hidden asset, plus the affected spouse’s attorney’s fees and court costs, based on the highest value of the asset.
In more serious hidden assets cases involving fraud, the court may award 100% of the hidden assets to the harmed spouse. With the average home in Los Angeles County being valued at $783,300 in 2023, this penalty can be a high price to pay for the offending spouse.
Generally, a spouse must file a claim within three years of discovering the wrongful act. Claims can also be opened during divorce proceedings or after a spouse’s death, regardless of the time limit.
Hire a Hidden Asset Lawyer Today
As longtime residents of California, the experienced attorneys at Kramer & Zitser, LLP, are dedicated to protecting our neighbors and communities during their most difficult times. Family law is inherently stressful. The outcome of a case can determine the future of not just the client but also their children and spouse. Always keeping our clients’ needs in mind, our team strives to make the legal process as streamlined as possible.
FAQs
What Are the Red Flags That My Spouse May Be Hiding Assets?
Some red flags that your spouse may be hiding assets often involve unusual financial activity. This can take the form of unexplained transfers, withdrawals, or deposits. Sudden changes in spending habits, taking on large debts, or selling property for less than it is worth may also be signs. Another red flag is when financial records do not match up, such as a lifestyle that seems too expensive for the reported income.
How Do I Prove That Assets Are Being Hidden by My Spouse?
There are a few ways to prove that assets are being hidden by your spouse. The lawyers at Kramer & Zitser, LLP, regularly work alongside forensic accountants to examine tax returns, financial records, and business transactions to identify discrepancies. A Bel Air hidden assets attorney from our team can also use subpoenas, depositions, or interrogatories to force a spouse to answer questions and provide documents under oath. In some cases, private investigators are also used to uncover hidden property or accounts.
Why Do Spouses Hide Assets?
Spouses hide assets for different reasons. Some spouses want to keep as much of the community property as possible rather than sharing it fairly. Others act out of revenge, trying to hurt the other spouse emotionally or financially. Some may want control and enjoy the power of withholding information. In other cases, a spouse may deny the existence of certain assets, believing that, because the marriage is ending, the other spouse is not entitled to them.
Can Offshore Accounts Be Used to Hide Money During a Divorce in California?
Offshore accounts are often used to hide money. These accounts offer:
- Privacy
- Fewer reporting rules than domestic accounts
- Complicated structures, like trusts or cryptocurrency
However, international regulations have made it harder to fully conceal money in these accounts. There are usually signs that a spouse may be hiding money offshore. These include:
- Transferring large sums to foreign entities
- Owning international businesses or trusts
- Reporting less income than expected
- Receiving mail from offshore banks
Choose a Trusted Bel Air Family Law Firm
The team at Kramer & Zitser, LLP, understands how difficult family law matters can be for our clients. We want this time in your life to have the least amount of stress possible. Our attorneys can transparently explain legal expectations and case outcomes to new clients.
Let us take over the legal aspects of your case so you can focus on your and your family’s mental well-being. Contact our office today to schedule your consultation and learn how we can assist you.
