Hidden Assets Attorneys In Beverly Hills, CA
If you are going through a divorce, you are already dealing with a difficult situation, but if your spouse is attempting to reduce the apparent value of your community property by hiding assets, it can make the situation even worse. If your divorce involves complex assets, you need a Beverly Hills hidden assets lawyer to help protect your interests.
Kramer & Zitser, LLP, is a family law firm with two senior attorneys. Our Beverly Hills family lawyers have over 50 years of combined experience helping clients through difficult family situations. We have a demonstrated track record of getting results for our clients and can bring our knowledge and compassion to your divorce case.
Community Property vs. Separate Property
In 2023, the divorce rate in California was 7.45% per 1,000 people. A significant component of a California divorce is the division of property. If you think your spouse may be hiding assets that you are entitled to, it’s important to understand the types of property California law recognizes.
California Family Code §760 states that any property acquired during a marriage is considered community property. Separate property is property acquired before the marriage took place or property received as a gift or inheritance during the marriage.
Community property is divided equally in a divorce in California, but separate property is not. Both spouses are entitled to an equal share of all community property, while separate property may remain with the spouse who acquired it. In some cases, a spouse may try to get around community property laws by claiming some assets as separate property since they are not subject to division.
Common Ways A Spouse May Hide Assets
There are many ways a spouse may try to conceal assets from their spouse. Knowing these common methods can help you and your attorney identify and find them.
- Underreporting income. One spouse may conceal a bonus or commission check to make it appear that their salary is less than it is.
- Inflating debt or fabricating debt. One spouse may claim to have more debt or to have made loans to family members to reduce the net worth of the marital estate.
- Offshore accounts. A spouse may put money in offshore accounts or in complex financial investments to make it difficult to discover.
- Underreported business profits. A spouse may use their business to hide assets by understating profits or overstating expenses.
- Buying expensive gifts for family members. The family member may then hold the items until after the divorce is final.
- Overpaying taxes. After overpaying taxes, a spouse may be eligible for a larger refund the next year, after the divorce is final.
- Transferring money to a child. A spouse may create an account in their child’s name and transfer assets to the account until after the divorce.
California’s hidden asset laws, such as California Family Code Section 1101(g), state that if you discover hidden assets, the Los Angeles Superior Court can award you up to 100% of the undisclosed amount as a penalty to your spouse. The courts take concealment very seriously, and in addition to awarding the asset to the innocent spouse, the spouse who concealed the assets may face significant fines and be held in contempt of court.
Finding Hidden Assets in a Divorce Case
When you and your spouse start divorce proceedings in California, both of you are required to disclose the facts about all your assets and debts. It must be truthful and include information for everything from your bank account to intellectual property, real estate, and investments. If you think your spouse is hiding assets, a Beverly Hills hidden assets attorney can help you find them by:
- Using forensic accountants
- Issuing subpoenas
- Reviewing tax returns
- Monitoring financial accounts
- Conducting depositions
- Requesting financial documents
Hire a Hidden Assets Lawyer
If you are going through a divorce in Beverly Hills and believe your spouse is withholding community assets, you should hire a hidden assets lawyer. They can help you through the divorce process and assist you in uncovering what your spouse may be hiding by providing you with the knowledge and tools needed to find them.
FAQs
How to Prove Someone Is Hiding Assets?
Proving someone is hiding assets in a California divorce often takes the help of an experienced attorney. The legal process for discovering the hidden assets is called discovery. This process allows an attorney to legally demand information and documentation from your spouse and any third parties that may be involved.
What Assets Are Protected in California?
Assets that are protected in California during divorce proceedings are separate property. To be considered separate property, the assets must have been owned by a spouse prior to the date of the marriage. Inheritance money and gifts, even if given after you are married, are also protected in the case of a divorce.
Why Is Moving Out the Biggest Mistake in a Divorce?
Moving out of a shared home in a divorce is often a big mistake because you may lose access to financial records such as bank statements, tax returns, and stock documentation. If you are not living in the home, you may also lose access to your personal property, or it may be harder to recover without the intervention of the court.
What Are Examples of Hidden Assets?
Some examples of hidden assets include undisclosed bank accounts in just one name at a different bank, cryptocurrency, and undisclosed revenue from online accounts such as blogs or other online businesses. Safe deposit boxes are sometimes used to hide cash and jewelry. Large purchases made in another person’s name are sometimes used to transfer assets.
Contact a Hidden Assets Attorney
Divorce is difficult, but if you are also dealing with a hidden asset case, you should contact Kramer & Zitser, LLP for help. Our Beverly Hills divorce lawyers have years of experience helping clients recover assets in high-net-worth divorces, and we understand the sensitive nature of these cases. We can discuss your case and the possible strategies available to help you achieve a positive outcome.
