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Entries in hidden assets (2)

Wednesday
Jan022013

Spousal Support | How to Find Hidden Assets

Encino Tarzana Divorce LawyerDivorce Lawyer

 

 

by Vanessa Soto Nellis
818.907.3274

San Fernando Valley Custody Lawyer Los Angeles

 

 

When it comes to spousal support, bitter feelings sometimes prompt people to take negative action. In order to lash out or get back, some spouses will attempt to hide assets or refuse to fully disclose the value of them.

And sometimes, people just forget. (Check out my last blog, Divorce and Money – Overlooked Assets, to get an idea of what you should be looking for in this situation.)

In either case, an experienced divorce attorney can help. You and your spouse will need to draw a complete financial picture of your community and separate property so your attorneys can divide your assets properly.

 

Protecting Your Interests During the Division of Assets Process

 

So what are the most common ways for your spouse to hide funds or property? The most common is collusion – your spouse's efforts to conspire with others to hide money. Opportunities for collusion can come through:

  1. Business: Your spouse may ask an employer to delay payments on bonuses or raises until after your divorce. If your spouse owns a business, s/he could pay salary to an employee who doesn't exist, report purchases for services, equipment or supplies that never get delivered, inflate expenses, or temporarily turn down contracts in an effort to reduce annual earnings. 

  2. Family Members: If blood is thicker than a sense of ethics, your spouse's family could be holding cash, physical assets and other items. They could also be the recipients of a hefty "loan" which won't be paid back until after your divorce. 

  3. Friends: Is your spouse suddenly close to a new friend? A girlfriend or boyfriend may be helping to hide assets. Social media can be helpful in uncovering the truth, and remember that it is important to maintain active relationships with your own friends and family to help in this effort. Now is not the time to withdraw socially, you need to be alert and engaged, especially if you don't trust your spouse to be honest about finances.

Your divorce attorney will know good forensic accountants who can help find hidden assets, especially if your soon-to-be ex owns a business. The key is for you to be proactive in this situation. Stay organized and alert, and you'll minimize the financial consequences of your divorce.

 

Vanessa Soto Nellis is a Divorce and Divorce Mediation Attorney with 10 years' experience at our Firm. Contact her via email: vnellis@lewitthackman.com.

Disclaimer:
This Blog/Web Site is made available by the lawyer or law firm publisher for educational purposes only, to provide general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand there is no attorney client relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for obtaining legal advice from a licensed professional attorney in your state.

 

 

 

Thursday
Dec132012

Divorce and Money | Forgotten Assets

Encino Tarzana Divorce LawyerDivorce Attorney

by Vanessa Soto Nellis
818.907.3274

San Fernando Valley Custody Lawyer Los Angeles

 

So you're getting divorced and you're worried you might be missing something financially. Maybe you're just worried you'll forget something substantial – something that you don't normally think about every day.

It is important to be careful. And to help you remember some of the more important items, we've created this Divorce Planning Checklist to get you thinking about the more commonly forgotten assets.

This way, you'll be more prepared when you next meet with your divorce lawyer. And if you are more prepared and organized, you'll save your attorney's time, which will save you both time and money too.

 

Most Forgotten Assets When Planning for Divorce

 

We've broken this into four basic categories of overlooked possessions and potential income, because it may be hard to forget that you own a yacht, but it may be difficult to recall that there's 18 months' worth of dock space left on the lease. Remember, if it's "out of sight," it may be especially "out of mind" during a stressful divorce. 

Some of these items, especially in the Earnings or Investments categories, may be critical for couples undergoing a Grey Divorce

Earnings – Everyone remembers the regular paycheck, but don't forget about the other items listed here.

  1. Unused Bonuses
  2. Unpaid Commissions
  3. Medical Benefits
  4. Delayed Earnings
  5. Rental Property Income 

Investments – Where did you put your money 10 years ago? 

  1. Options to Purchase Stocks or Property
  2. Patents, Copyrights or Royalties
  3. Savings Bonds or Securities
  4. Unused Property for future retirement or business
  5. Prepaid Car Insurance
  6. Life Insurance Benefits
  7. Forgotten Credit Union or Bank Accounts
  8. Custodial Accounts set up for children

Entertainment – Relaxation and fun cost money. But did you prepay for some entertainment or invest in a hobby? 

  1. Travel Miles or Points
  2. Timeshare Property
  3. Club or Spa Memberships
  4. Collections, i.e. Art, Toys, Comic Books, Classic Cars
  5. Docking or Hangar Leases
  6. Season Tickets, i.e. Sporting Events, Theaters, etc. 

Miscellaneous – For many couples, every dime will count if they're not used to running two, separate households. Don't forget these:

  1. Moving Costs: Do you need to hire movers?
  2. Security Deposits for the apartment, setting up utilities, etc.
  3. Leased Vehicle: Who will keep it, make payments, and/or benefit from payments already made?
  4. Income Tax Refunds, Carry-Forward Credits, Prepaid Taxes
  5. Business Vehicles for personal use 

Remember: It is important to retain your records (credit card statements, bank statements and tax returns) to thoroughly complete your disclosure forms during a divorce. Mistakes made at that stage of the dissolution process can of course, be costly. 

Vanessa Soto Nellis is an Encino Divorce Attorney with nearly a decade's experience in divorce and divorce mediation. Contact her via email: vnellis@lewitthackman.com.

 

Disclaimer:
This Blog/Web Site is made available by the lawyer or law firm publisher for educational purposes only, to provide general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand there is no attorney client relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for obtaining legal advice from a licensed professional attorney in your state.
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