Hidden Assets Attorney In Brentwood, CA
It can be difficult to divide property fairly during a divorce. Concealing assets can create additional roadblocks, leaving you without a fair split. A Brentwood hidden assets lawyer can help you uncover hidden assets and move forward in the property division process.
Kramer & Zitser, LLP: Experienced Hidden Assets Lawyers
Kramer & Zitser, LLP, was formed by two respected, senior family law lawyers. With over 50 years of combined experience, our Brentwood family law attorneys have the knowledge of hidden asset laws and the ability to scrutinize personal and financial records required in a hidden asset case. These cases can often be difficult to resolve, involving difficult personal conflicts and emotional challenges. At Kramer & Zitser, LLP, we can resolve these conflicts with empathy, professionalism, and negotiation.
Understanding How Hidden Assets Impact the Divorce Process
A lack of financial transparency can burden a marriage and complicate a divorce. Twenty-seven percent of individuals ages 18 to 35 report lying about their financial situation to a partner, while 9% of Americans are keeping major debt, expenses, or income secret in their committed relationship. Whether or not a lack of financial transparency led to your divorce, equitable divorce proceedings rely on a foundation of transparent financial disclosure.
Hidden asset laws outlaw concealing assets during divorce proceedings. This is to avoid unequal asset division, debt division, and to fairly calculate child or spousal support. Addressing hidden assets early in the divorce proceedings is essential when determining property division.
Hiding assets can negatively impact the person responsible for concealing the information. Not only can they end up losing some or all of the hidden assets if they are revealed during a divorce, but they may also face criminal charges for perjury or fraud.
Examples of Commonly Hidden Assets
Significant hidden assets can have a large effect on divorces in Brentwood, where the median household income is $144,110. Whether you have been noticing unexplained large transfers of funds or creation of new accounts, a Brentwood hidden asset lawyer can investigate your case to determine what assets your spouse is not disclosing and how it can impact divorce proceedings.
Common hidden assets include:
- Undisclosed bank accounts
- Undisclosed investment portfolios
- Secondary retirement accounts
- Offshore bank accounts
- Hidden or manipulated business-related income
- Personal valuables, such as jewelry, art, and rare collectibles
The Difference Between Community and Separate Property in a Hidden Asset Case
In California divorces, whether assets are divided or remain separate depends on whether they are community or separate property. Understanding this difference is essential, as hidden assets that should be community property can be divided, while hidden assets that are separate property remain separate.
Community property involves assets in the marital estate. This includes assets that were obtained during the marriage or that were contributed to by marital assets. Common examples of community property are income while married, real estate purchased during the marriage, contributions made to retirement accounts during the marriage, and debts taken on during the marriage.
Separate property is assets obtained before the marriage, inherited property, or gifts for one spouse. For example, family inheritances for one spouse, pre-marital real estate, or bank accounts owned solely before marriage all remain separate in a divorce. Some assets may begin as separate property but become community property if they are commingled with marital funds.
Why You Should Hire a Hidden Asset Lawyer
From when divorce papers are first filed at the Spinetta Family Law Center to when the divorce is finalized, a Brentwood hidden asset lawyer can help you secure fair property division. A lawyer can help you uphold the California requirement to disclose all assets and debts. When hidden assets are involved, a lawyer can help you find truthful and accurate information by:
- Requesting certain financial documents
- Reviewing tax returns, financial transactions, and other financial records
- Obtaining a subpoena where the court orders your spouse to release certain documents or records
- Conducting a deposition with your spouse
FAQs
How Can You Prove Someone Is Hiding Assets?
Proving someone is hiding assets in a divorce involves a thorough financial investigation and often legal proceedings to uncover critical financial records. If you hire a hidden asset lawyer, they can analyze financial records and transactions such as tax returns, bank statements, business records, digital wallets, or loan applications. Sometimes, certain assets are unable to be viewed, which is when a lawyer can obtain a subpoena to reveal undisclosed assets or documents.
What Assets Are Untouchable in Divorce?
Separate property that was kept separate from marital property throughout the marriage is untouchable in a divorce and remains the owner’s sole property. Separate property involves assets acquired before marriage, personal gifts, and inheritances. These assets may not be untouchable if they were commingled with marital assets or were contributed to with marital assets.
What Are the Three C’s of a Divorce?
The three C’s in a divorce are communication, cooperation, and compromise. These principles are essential to effective and non-contentious divorce proceedings. Concealing assets in divorce proceedings can prevent these principles, making it difficult to move forward with asset division.
A Brentwood hidden asset attorney can help you uphold the three C’s during a divorce by facilitating financial transparency, encouraging honesty, and identifying equitable strategies for fair property division.
How Can a Spouse Hide Assets?
There are many ways a spouse may hide assets. A spouse may fail to report certain assets of offshore accounts, underreport income, underreport business profits, transfer money to a child or another individual, or inflate debts. Whether assets were undisclosed entirely or inaccurately represented, a lawyer can identify the methods used to hide assets and work to find accurate financial information for the divorce process.
Speak With a Brentwood Hidden Asset Attorney Today
If you suspect or are aware that your spouse is concealing assets, it can be difficult to know what to do. These cases are governed by complex hidden asset laws and require detailed financial analysis that can be daunting to navigate alone. At Kramer & Zitser, LLP, we understand how emotionally difficult this process can be and how essential transparent financial disclosure is. Contact us to learn how we can help you achieve fair property division despite hidden assets.
