Trusted Hidden Assets Attorney in Los Angeles, CA
A divorce is a financially draining process, and it can be even worse if your spouse decides to hide assets to make it seem like there is less marital property to split between you. Hidden assets are especially common in high-asset divorces. If you are getting a divorce, a Los Angeles hidden assets lawyer is necessary to safeguard your interests and work for a fair outcome.
Hire a Hidden Assets Lawyer at Kramer & Zitser, LLP
Kramer & Zitser, LLP understands the financial strains of divorce in Los Angeles and how important it is that each spouse receives their fair share. If you believe your spouse is hiding assets prior to or throughout a divorce, we can help. Our firm was created as a combination of two senior attorneys, and we have more than 50 years of collective family law experience.
We have a record of success in financially and legally complex divorce cases. Our Los Angeles family lawyers have resources to assess financial documents and uncover hidden assets. We use financial professionals like analysts and forensic accountants to help you safeguard your financial future. Our firm has experience in local family courts like the Metropolitan Courthouse and the Stanley Mosk Courthouse.
Division of Property and Hidden Assets
There were 25,288 marital filings in Superior Courts in Los Angeles County, which include dissolutions and legal separations. In a divorce, parties have to equally divide their marital debts and assets in most cases. This means that all community property has to be valued and divided equally.
Both spouses are required to disclose all financial information in a divorce or legal separation. If one spouse hides marital assets, this means the split will no longer be equal, and the other spouse will have less than a fair portion. Uncovering these assets is crucial to protect your financial interests.
How Do Spouses Conceal Assets?
Hiding assets during the divorce process is not legal and can cause serious financial and other consequences. Unfortunately, spouses conceal assets for many reasons, including financial concerns, spite, or an emotional connection to specific property. There are many ways that spouses conceal assets, such as:
- Claiming that marital assets are separate assets
- Making cash withdrawals from joint accounts to hide or transfer to separate accounts
- Creating an account under a child’s name to hide and conceal assets
- Paying for gifts for family members or transferring expensive property to them until the divorce resolves
- Investing or putting money into offshore accounts
- Underreporting business profits or stating that a business is doing worse
- Giving money to family members or friends, including by making up debts
- Claiming to have more debts than they do
- Paying more than they owe on taxes to get a refund following the divorce
- Underreporting income, bonuses, or business income
- Delaying bonuses, commissions, and other types of earnings until the divorce is finalized
Be on the lookout for concerns like changes to financial account passwords, strange financial transactions, or financial reports that don’t add up.
In Los Angeles, the average income was $124,896 per household, as of 2024, according to the U.S. Census Bureau. The Bureau also reports that 44.6% of homes are valued between $500,000 and $999,999, and 44.8% of homes are valued at $1 million or more. With such significant assets in play, hidden assets are much more likely, as spouses work to protect their financial interests.
How Do You Find Hidden Assets?
There are several methods used to find hidden assets that an Los Angeles asset division attorney can walk you through. Some useful and official methods are through court-ordered discovery. This includes steps like:
- Document requests. In discovery, this is an official request for a document that your spouse must comply with.
- Interrogatories. This is a formal interview with several straightforward questions that have to be truthfully answered and are under oath.
- Subpoenas. This is an official request for records or documents made to a third party, such as your spouse’s bank or employer.
If your spouse fails to comply or lies, they can face penalties. This includes criminal charges for perjury or contempt of court. It also includes financial penalties like requiring your spouse to pay you a portion of or the full amount of the undisclosed asset.
FAQs
How Do Lawyers Find Hidden Assets?
Lawyers find hidden assets through several strategies. They can look over financial documents that you and your spouse have provided to determine inconsistencies, and work with forensic accountants to conduct investigations.
Through the court, your attorney can use subpoenas, depositions, document requests, and interrogatories. In an official discovery, all disclosures have to be truthful, or your spouse can face financial consequences and even criminal penalties.
What Assets Cannot Be Touched in a Divorce in Los Angeles?
In a divorce in Los Angeles, your separate assets cannot be touched. Separate property includes assets or debts that you obtained before being married or after you were separated. It may also include gifts made to you or inheritances. When spouses try to conceal assets, they may claim that marital property is separate property to prevent it from being divided.
Is Hiding Assets a Crime in California?
Hiding assets is not necessarily a crime in California, but it can become a crime if you hide assets during court-ordered discovery while in a divorce. You can be charged with contempt of court or perjury for failing to disclose all the required assets during this process. This can lead to criminal penalties like fines and potentially imprisonment. Hiding assets may also lead to financial penalties in the divorce process itself.
How Much Does an Asset Search Cost?
The cost of conducting an asset search before or throughout a divorce depends on how the search is conducted and the professional you work with.
When you hire a hidden assets lawyer, they can assess the ideal methods to uncover hidden assets, such as working with forensic attorneys and other professionals, and taking the case to court to use discovery methods like subpoenas. Attorneys are costly, but their support can be essential to protect your financial interests.
Work With an Experienced Los Angeles Hidden Assets Attorney
It is much easier to manage a divorce and the frustration of hidden assets with a dedicated and experienced attorney. Reach out to Kramer & Zitser, LLP today.
