Springfield Hidden Assets Lawyer

Hidden Assets Attorney In Springfield, TN

The purpose of a divorce agreement is to create a fair settlement for each spouse. If one spouse is hiding assets from the other, that becomes impossible. That is why spouses have a duty of disclosure during divorces. If you feel that your spouse has violated their duty of disclosure, contact a Springfield, TN, hidden assets lawyer. We can help you uncover concealed finances and ensure that you get the divorce settlement you deserve.

Trust Mathis, Bates & Klinghard PLLC

The team at Mathis, Bates & Klinghard PLLC has been practicing family law for years. In that time, we have seen it all when it comes to hidden asset cases. We have an intimate understanding of hidden asset laws and how to use them to get a positive outcome in your case. If you are concerned that your spouse might be hiding wealth or property, let us know. We can help.

Why Hire a Hidden Assets Lawyer

A 2022 survey showed that three out of ten respondents said they had dealt with what is called financial infidelity—one partner lying to the other about money. Research published in 2018 showed that 27% of respondents said that they committed some form of financial infidelity, the most of which was attributed to hidden purchases.

The fact that financial infidelity is so common shouldn’t cause you to believe it’s normal or acceptable, especially in the context of contentious divorce proceedings. It is illegal to conceal wealth in any form from your spouse during divorce proceedings. You should hire a hidden assets lawyer if you believe your spouse is engaging in this behavior. We can help you find and trace concealed wealth and protect your interests while drafting your divorce agreement.

Common Forms of Concealed Assets

Spouses use a variety of methods to hide assets. Some are simple, while others are quite complex. The most common of them include:

• Stashing cash
• Delaying compensation, bonuses, or stock options
• Undervaluing assets like real estate or businesses
• Creating fake debts
• Giving assets to friends or relatives to be returned later
• Opening undisclosed bank or investment accounts
• Creating undisclosed cryptocurrency wallets
• Moving assets to foreign bank accounts
• Manipulating business accounts
• Placing money in children’s custodial accounts for later personal use

If your spouse is engaging in any of these activities, they are breaching their duty of disclosure and deserve to be held accountable.

Techniques for Uncovering Hidden Assets

We can use the discovery process to help you uncover hidden assets such as those described above. Techniques used during this formal process can include:

• Interrogatories. We can write up questions that your spouse must answer under oath.
• Document requests. We can compel your spouse to provide financial documents.
• Depositions. We can conduct interviews outside of court with your spouse and other relevant parties under oath.
• Subpoenas. We can compel third parties such as banks, employers, and credit card companies to provide financial records directly.

Some spouses engage in the additional crime of spoliation of evidence in an attempt to avoid having their assets uncovered during the discovery process. The courts view this action very seriously and could impose severe sanctions.

Consequences for Hiding Assets

If the Sumner County Chancery Court decides that someone has been hiding assets during a divorce proceeding, the consequences can be quite serious. Spouses found to be hiding assets can face both criminal and financial penalties, including:

• Loss of the asset being hidden
• Orders to pay the other spouse’s attorney’s fees and costs associated with uncovering the hidden asset
• Sanctions and fines imposed for misconduct
• Contempt of court charges, which can lead to fines and jail time
• Criminal charges, such as perjury and fraud, in egregious cases
• Reopening of the divorce decree if the assets are uncovered after the divorce has been finalized
• Impact on other aspects of the divorce, including child custody and spousal support

FAQs

How Do You Prove Someone Is Hiding Assets?

You can prove someone is hiding assets with the help of a Springfield hidden assets attorney. Your lawyer can analyze financial documents, check public records, and hire professionals like private investigators as needed to find and trace concealed wealth. While you can potentially do some of this work on your own, lawyers have access to resources not easily available to the average person, such as forensic accountants.

Is Hiding Assets a Felony?

Hiding assets can be a felony. It can also lead to related crimes like perjury, fraud, and contempt of court, all of which are punishable with additional jail time and fines. Hiding assets during a divorce is a serious crime. If intentional concealment can be proven, courts may award all assets to the other spouse, and the spouse who concealed assets can end up with a lasting criminal record.

How Do You Trace Hidden Assets?

You can trace hidden assets with the help of an attorney. Your attorney can help you analyze financial statements, check public records, and use the discovery process to uncover additional evidence of concealed wealth. The discovery process can involve depositions, interrogatories, subpoenas, and formal requests for documents, all of which would be difficult to obtain without the help of a legal team.

What Is Considered a Hidden Asset?

Any asset or income intentionally not disclosed during a divorce proceeding is considered a hidden asset. Common examples include bank accounts, cash, undeclared income, and property transferred to family or friends. Hiding assets is a crime punishable by substantial fines and jail time. If you believe your spouse is engaging in this criminal behavior, hire a hidden assets lawyer.

Your Springfield, TN, Hidden Assets Lawyer

Divorces are usually stressful. If your spouse is hiding assets, that can create an entire extra layer of complications. Hire a Springfield, TN, hidden assets lawyer who can help you uncover any concealed property. Your spouse has a duty of disclosure, and you should be able to hold them to it. The team here at Mathis, Bates & Klinghard, PLLC, can help. Contact us today to schedule an initial consultation.