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You cannot hide assets in a divorce proceeding

On Behalf of | Dec 7, 2020 | Family Law

In a North Dakota divorce, joint assets are divided in an equitable fashion. Joint property may include a home, money in a bank account or a vehicle, and both spouses are required to provide a detailed list of their assets and liabilities during the discovery process. Those who attempt to hide or dispose of assets may be subject to significant financial penalties.

Signs that a person is trying to hide assets

If an individual doesn’t grant access to bank, brokerage or other account statements, he or she may have something to hide. This person may also attempt to transfer large sums of money from a personal bank account to one controlled by a family member of friend. Alternatively, a person may attempt to transfer ownership of a home, business or other property to a friend, family member or business partner.

How to find evidence of hidden assets

It may be possible to find evidence of hidden assets by reviewing an individual’s tax return. For instance, if the return contains a Schedule C, it means that he or she runs a business as a sole proprietor. It may also show income from dividends, the sale of stock or the sale of other property such as a rental or vacation home. A forensic accountant may be able to analyze a tax return or other documents in an effort to uncover assets that a person might have a claim to.

A family law attorney may be able to help you hold a spouse accountable for attempting to hide assets in a divorce proceeding. If an asset is discovered after a settlement is finalized, an attorney might assist in the process of amending a divorce decree to account for its discovery.

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