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Hidden assets can make property division inequitable

On Behalf of | Sep 27, 2018 | Property Division

Part of the property division process is disclosing all of your assets and income. This is because in Virginia each spouse has the right to retain an equitable share of all the couple’s marital assets. However, a divorce can cause bitter feelings and sometimes a spouse will act out of greed or spite and try to conceal assets or sources of income from their ex.

This can be a serious situation that, if not rectified, could lead to an inequitable division of assets. If you believe your spouse is hiding assets, you must take care in how you handle the situation. When investigating such incidents, it is all too easy to go too far and commit acts that are just as illegal as the hiding of assets. Therefore, it can help to retain an attorney who can assist in uncovering hidden assets without violating the law.

At Maddox & Gerock, P.C., our goal is to make sure the property division process is fair to our clients. We often work with other professionals such as private investigators, business valuation experts and forensic accountants to uncover hidden assets. We protect our clients’ interests both in and out of court, in order to reach an appropriate settlement or judgment.

Our firm’s webpage on hidden assets may be a good starting point for those who want more information on how we approach this issue. Some assets that may be hidden include unreported income from a business, life insurance policies, stocks and offshore bank accounts. No matter what they are, however, hiding assets can be considered an act of unlawful marital fraud. If you suspect your spouse is hiding assets, it may be time to seek help.

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