Skilled Hidden Assets Attorney In Rancho Palos Verdes, CA
Financial transparency is essential during a divorce, but not every spouse is forthcoming about their income, property, or investments. Hidden or undisclosed assets can leave you at a huge financial disadvantage during property division. A Rancho Palos Verdes hidden assets lawyer can uncover concealed assets to seek an equitable property division plan during your divorce.
Why Work With Kramer & Zitser, LLP?
Kramer & Zitser, LLP, is a team led by two senior family law attorneys in Rancho Palos Verdes with over 50 years of combined experience. We know how to deeply analyze financial records, identify suspicious activity, work with financial professionals, and pursue justice after a hidden asset case. Our experienced lawyers can provide the information and guidance you need to make informed divorce decisions.
Why You Should Hire a Hidden Assets Lawyer Right Away
When you suspect that your spouse is hiding assets, acting quickly can improve your ability to uncover this deception. Delaying your response can allow them to transfer, spend, or further conceal the assets. Whether you are in the early processes of a divorce or about to go to court over hidden assets, hire a hidden assets lawyer as soon as possible.
A lawyer can work quickly to protect the financial records that you still have access to. Then, they can begin investigating to determine what assets are being concealed. In some cases, your lawyer may need to work with the court to obtain records, such as subpoenas, which may be time-consuming. Contacting a lawyer in Rancho Palos Verdes early limits the delay in your overall divorce.
Understanding Hidden Assets Cases in Rancho Palos Verdes
Hidden assets cases happen when a spouse isn’t fully transparent about their finances and property during divorce proceedings. In 2024, Los Angeles had 25,682 marital cases filed with the Los Angeles Superior Court system, some of which involved disputes about financial transparency and concealed property.
In many cases, the lack of disclosure is an existing issue, as 9% of Americans in committed relationships hide significant debts, expenses, or income from their partner. 27% of young adults report lying about their financial situation to a partner, which, in a divorce, makes fair property division extremely difficult.
In California, community property is split 50/50. Often, a spouse hides assets so they can walk away with more property in a divorce. Ways a spouse may hide assets include:
- Withdrawing physical cash to hide or spend
- Transferring property to friends or family members, such as vehicles or real estate, with the understanding that the property will be returned after the divorce
- Overpaying taxes to get a refund after the divorce
- Delaying bonuses or commissions from their job until after the divorce
- Underreporting business assets or earnings
Methods You Can Use to Uncover Hidden Assets
Your Rancho Palos Verdes hidden assets attorney can use several techniques to locate and value any assets that your spouse is hiding. These include:
- Questioning the spouse. Often, speaking with a lawyer is enough for a spouse to reveal hidden assets.
- Reviewing financial records. A lawyer can analyze records to spot inconsistencies. These include tax returns, bank statements, credit reports, and other records.
- Interrogatories. This is a court-enforced process in which questions are sent to your spouse about their financial history and current assets.
- Subpoenas. This method involves a court order for a party to release records to you and your lawyer. For example, subpoenas can be issued to banks, employers, or credit card companies.
What Happens After Hidden Assets Are Revealed?
Once all hidden records are found, you can move forward with your divorce case. While it is possible for a hidden asset case to be settled out of court, it is common to have court involvement at some point in the process. For this reason, a judge at the Torrance Courthouse on 825 Maple Ave, Torrance, will often make the final decision regarding property division in the divorce.
Your Rancho Palos Verdes hidden assets lawyer can represent you and advocate for a favorable property division plan, using updated asset information.
FAQs
Does Your Spouse Get Half of Your 401(k) in a Divorce?
Yes, your spouse will typically get half of your retirement accounts, including a 401(k), during a divorce. This even applies if you gained the savings through your employer. However, you may not split a 401(k) in half, so long as the overall split of community property is divided equally. Your lawyer can help you create a plan that doesn’t leave you without sufficient retirement savings while also dividing marital property equally.
Are There Penalties for Hiding Assets in a Divorce in California?
Yes, if one spouse violates hidden assets laws, they are often penalized by the court. Often, the court decides to award the wronged spouse with more assets than the spouse who concealed assets. The dishonest spouse may also be required to cover the wronged spouse’s attorney and court fees. Some of the most severe penalties include perjury charges and contempt of court, which can lead to imprisonment and fines.
What Money Is Untouchable in a Divorce?
Typically, money is untouchable if it is classified as separate property. This type of property remains the property of the spouse who earned or received it. Separate property includes money acquired before the marriage, inheritances, or personal gifts. If you hire a hidden assets lawyer, they can explain what assets remain separate. A lawyer can also identify when assets are being wrongly considered separate property to hide them during property division.
What Are Signs That Your Spouse Is Hiding Assets?
It can be difficult to know for sure whether your spouse is hiding assets, especially without a skilled lawyer investigating. However, many spouses who have been victims of this will notice signs such as:
- Sudden secrecy around financial accounts or reports
- Large cash withdrawals
- Big asset transfers or gifts
- Opening new financial accounts before a divorce
Work With a Rancho Palos Verdes, CA Hidden Assets Attorney Today
If you suspect that your spouse is not being fully transparent about their finances, reach out to Kramer & Zitser, LLP. Our lawyers understand California’s hidden assets laws. We can investigate to reveal the full extent of your marital property.
