What to Do if Your Spouse is Concealing Assets in a High Net Worth Divorce

Divorces can be stressful for a number of different reasons. The mental and emotional anguish of a failed relationship can be quite difficult to deal with. You may be concerned about the custody of your children. Perhaps you are unsure of what your life will look like after your marriage ends. With all that said, many spouses worry most about their financial situation as they go through a divorce. This concern can be more heightened in the case of a high net worth divorce.

If you are going through a high net worth divorce, there may be multiple high-value assets at stake. Most spouses do whatever they can to receive a fair share of their marital property through legal means, but a few try to unlawfully conceal their assets. This can complicate matters considerably, and it can make life even more difficult for the spouse who is just trying to get their fair share and move on with their life.

Fortunately, help is available for residents of Charlotte and surrounding cities who are dealing with this situation. With the help of a qualified, experienced divorce attorney in Mecklenburg County, you can uncover concealed assets and hold your spouse accountable for their dishonest, illegal actions. Choose a legal professional who is experienced with high net worth divorces, and you can deal with all of the unique issues that come with these situations.

North Carolina law is quite clear when it comes to concealing assets during a divorce. If you violate your fiduciary duty to your spouse, you are breaking the law. As soon as spouses sign their marriage contract, they have a fiduciary duty to one another. This means that they must disclose all information about their financial activities to each other as soon as possible. Spouses’ fiduciary duty to one another may not end at separation.

In many situations, it can be almost impossible to spot a spouse who is concealing assets. They may have been concealing assets for years, and they may have been preparing for this moment for longer than you realize. On the other hand, some spouses are definitely not very subtle when they attempt to hide assets. Here are some things to watch out for:

• Large cash withdrawals
• Spending large amounts of cash
• Loans to family members, friends, and business partners
• Overpaying taxes to the IRS
• Deferred bonuses and stock options
• Missing high-value property from your home
• Offshore bank accounts
• Keeping a safe
• Opening a safety deposit box
• Large amounts of cash hidden in the family home

In some situations, it may be very difficult to expose your spouse’s unlawful activities. Offshore bank accounts can be very difficult to track down, and something as simple as a secret cash deposit box can also be surprisingly effective. That being said, even the sneakiest methods can be exposed with the right approach. Many spouses inadvertently leave a paper trail despite their best efforts. Experts such as forensic accountants and private investigators can follow this trail and discover hidden assets.

Your spouse may face a number of consequences for concealing assets in a high net worth divorce. First of all, they may face perjury charges after lying under oath. This may result in jail time and fines. In addition to these consequences, your spouse may be ordered to pay your legal fees and pay you a much higher alimony amount. Finally, your spouse will lose all credibility in the eyes of the court. This means that everything they say will be scrutinized, and the judge is unlikely to believe any of their claims at face value. This means that most major decisions will be skewed in your favor after your spouse is caught concealing assets.

If you do not want to let your spouse get away with hiding assets in a high net worth divorce, you need help from an qualified attorney. Reach out to Arnold & Smith, PLLC today, and you can approach this challenging situation with confidence and efficiency. We have dealt with many high net worth divorces in Mecklenburg County and the surrounding areas, and we know how to deal with this situation. You do not need to accept unlawful behavior from your spouse without taking action.