Is Your Spouse Hiding Or Wasting Marital Assets?
It is no surprise that property during a high-asset divorce can often turn into a highly contentious matter. The stakes are high for both spouses, and the battle over money is one of the primary sources of disagreement. In order to get the upper hand, some high-income individuals may try to hide assets or deplete their current assets.
These actions are done to the detriment of the lower-income spouse and can put them in a worse position after the divorce is finalized. At Terri Herron Law, our attorney is committed to advocating for you. Our law firm works with financial experts in Georgia to help uncover all marital assets and help ensure that you receive a fair distribution of assets in your divorce settlement.
What Are Hidden Assets?
The lower-earning spouse often does not have the full picture of a couple’s assets. The higher-earning spouse may seek to hide some portion of the marital property, thereby depriving their partner from a significant portion of assets that they would otherwise be entitled to receive.
Common tactics to hide marital assets include:
- Removing a spouse’s name from an account
- Sudden withdrawals from a joint account with no explanation
- Unexpected gifting to a spouse’s friends or family members
What Is Marital Waste?
Marital waste, or “dissipation of assets,” occurs when one spouse squanders marital assets intentionally to reduce the amount of compensation their partner will receive. Divorce judges in Georgia consider the following red flags when determining an equitable distribution of assets:
- Increased spending on personal items, shopping or dining out
- Destroying marital jewelry, artwork or heirlooms, or selling these items for significantly below market value
- Intentionally making poor investment decisions
Dedicated Counsel For Complex Divorce Issues
Both hiding and depleting marital assets can have serious long-term effects on your livelihood. We provide focused, knowledgeable legal counsel tailored to advocate for your needs. Our legal team will conduct a thorough analysis of your situation to determine whether your spouse is working to limit your access to your marital assets.
To learn more about how we can help you, schedule a free initial consultation with our lawyer by calling 404-692-6487 or by sending us an email. Appointments are available at our main office in Roswell or any of our other offices conveniently located in Atlanta, Snellville, Marietta and Duluth.