Hidden Assets Attorney In Manhattan Beach, CA
Manhattan Beach is a beautiful and affluent community of the South Bay area of Los Angeles County, and many couples in the area control substantial assets. In divorce, asset division is an understandably contentious issue, but some divorcing spouses attempt to hide assets to shield them from division. If you are ending your marriage and believe your spouse has done so, you need to speak with a Manhattan Beach hidden assets lawyer right away.
Experienced Legal Counsel for Hidden Assets in Divorce in Manhattan Beach, CA
Kramer & Zitser, LLP, has extensive experience representing clients in complex divorce cases. When you choose our firm to represent you, you will have access to two senior divorce attorneys in Manhattan Beach with a strong record of successful representation for Manhattan Beach clients. We understand the complex financial issues that many high-net-worth individuals must resolve in their divorce, and we’re confident we can help you reach a fair outcome in property division.
Our firm takes time to develop individualized case strategies for each client we represent. Trust us to carefully review your financial records and prepare a complete and accurate financial disclosure statement for the purposes of resolving property division in your divorce. Ending a marriage is a difficult and emotional process, and when financial interests clash, some divorcing spouses take unethical or illegal measures to protect their interests.
Understanding Property Division in a Manhattan Beach Divorce
The divorce rate in California as of 2022 was 5.88 per 1,000 married women, according to US News, placing California as having the seventh-lowest divorce rate of all 50 states. Divorce in California is more than just ending a marriage contract; it is also a formal legal process of dividing ownership rights of the married couple’s shared assets. Property division in a California divorce unfolds according to the community property rule.
Under this rule, all of the couple’s shared marital assets are considered community property and are subject to a 50/50 division in divorce. It is important to understand that each spouse has the right to claim separate property that will not be subject to division, such as gifts given to them, inheritance left to them by blood relatives, and certain property they owned prior to marriage. Under certain conditions, some separate property can transmute to community property.
All assets and liabilities acquired by either spouse during their marriage are subject to a 50/50 division under the community property rule. This can include income earned by either spouse during their marriage, real property they purchased together, and any property held in joint ownership. Each spouse is required to produce a financial disclosure statement for divorce that details all of the property they control, as well as their respective debt.
Uncovering Hidden Assets in Divorce
It’s possible for a divorcing spouse to attempt to hide assets in various ways. They may siphon funds from shared accounts into other accounts over time, withdraw large amounts of cash and physically hide it, give large loans to friends or relatives with the intent to seek repayment after finalizing their divorce, or through various other means, such as:
- Deferring bonuses and commission payments with the intent to collect them after finalizing the divorce
- Hiding assets within a business or in an overseas account
- Altering delivery information for billing statements
- Creating falsified business expenses to reduce the business’s apparent value
- Overpaying tax bills with the intent to collect a larger refund the following year
If you suspect that your spouse has hidden assets, your Manhattan Beach hidden assets attorney will know what you need to do to prove the truth of the situation. They may consult a forensic accountant who can thoroughly review your financial records as well as your spouse’s to look for inconsistencies.
When you prove that your spouse has attempted to hide assets to shield them from property division in your divorce, it can potentially lead to both civil and criminal penalties. Ultimately, you need to hire a hidden assets lawyer if you suspect this behavior in your divorce. Kramer & Zitser, LLP, is ready to assist you, so reach out to our firm and learn more about the legal services we can provide for your divorce.
FAQs
What Are the Civil Penalties for Hiding Assets in Divorce?
The civil penalties for hiding assets in divorce could entail a lower share of marital property as well as liability for the other spouse’s legal fees. If you prove your spouse has hidden assets, the judge handling your divorce case may force your spouse to pay for the legal expenses you incurred while proving the truth of the matter, and you could also be awarded a greater share of marital property to account for this behavior.
What Are the Criminal Penalties for Hiding Assets in Divorce?
Criminal penalties for hiding assets in divorce vary from case to case. Lying in a financial disclosure statement is also lying to the court, and intentionally failing to produce a complete and accurate financial disclosure statement is a direct violation of a lawful court order. It’s possible for the spouse who has done this to face charges of perjury and/or contempt of court. Depending on the scope and severity of their actions, they could also be charged with fraud.
What Assets Cannot Be Split in a California Divorce?
The only assets that cannot be split in a California divorce would be each spouse’s separate property. If you own gifts, inherited assets, or property that you owned prior to your marriage, it is possible to claim these things as your separate property. You will need to produce records showing that the property legally qualifies as your separate property.
Why Should I Hire a Manhattan Beach Hidden Assets Lawyer?
You should hire a Manhattan Beach hidden assets lawyer because these cases are inherently challenging in several ways, and the average person may not know how to perform the deep financial research and fact-finding required to prove that their spouse has hidden assets. Your attorney will know how to uncover the truth of the matter, ensure a fair divorce process, and help you recover any damages you may have suffered due to your spouse’s unethical actions.
Proving that your spouse has hidden assets can be challenging, but with the right attorney on your side, you can have confidence that your legal team can uncover the truth of the matter and hold your spouse accountable for their dishonesty. Contact Kramer & Zitser, LLP, today and schedule a consultation with an experienced Manhattan Beach hidden assets lawyer you trust.
