Divorce in Georgia is increasingly becoming common. According to the World Population Review, the divorce rate in Georgia is 11 percent. However, the percentage can substantially grow, considering the divorce stats of other states in America such as Nevada (14 percent) and Florida (13 percent), respectively. As much as there could be reasons for divorce especially in a diverse country like the United States, there are concerns during the process of the two people; splitting. Perhaps the one which is most evidently seen is that whether one of the partners is hiding their property and assets; whether tangible or intangible.
Why Do Spouses Hide Assets?
Division of marital property and assets is the most important aspect of divorce proceedings. By law, spouses need to bring their possessions to each other’s knowledge and expose everything they own in black and white. With the help of lawyers, the asset division then begins by determining how to divide them with their mutual consent and taking mandatory steps involved. Divorce in Georgia cannot be held unless both of the parties have divided their assets.
How Can Your Spouse Possibly Hide the Assets?
Hiding the assets from your partner during the divorce is possibly the ugliest thing a person can do. Such people employ various tactics in order to hide their valuables. For example, a person with a good salary may suddenly tell his/her significant other that his/her salary is being cut off for some reason and that she/he is receiving half paychecks. Other possible ways may include:
Depositing Earnings in Bank Accounts with Different Names:
When a person intends to hide their earnings, the most common strategy they go for is opening several bank accounts and depositing their finances in them. These bank accounts are either with their children’s names or with someone who their spouse can never doubt.
Exhibiting Themselves in Debt:
Another tactic your spouse can possibly use is showing themselves drowning in financial debt; portraying a picture in front of you and others that it is hard for them to get the division done. They do it intentionally to get away with the division; an obligatory step of the divorce procedure.
Investing in Expensive Artworks, Antiques, and or Collectibles:
This strategy is the widely seen one. Often, when partners want to disguise their marital resources, particularly the financial assets, they are usually seen investing in costly artwork, antiques, and other collectibles to be appraised later with the same or higher market value.
Sometimes, your spouse can cheat on you by deferring bonuses as well. It means that if you do not need the money at the moment, you can defer your year-end bonus to the coming year. Your spouse may use this tactic and defer bonuses unless the procedure of divorce is completed.
Divorce in Georgia – Ways to Know Whether Your Spouse is Hiding Assets:
If you are doubtful about your spouse hiding assets, you need to inform higher authorities involved in your divorce proceedings such as the lawyer for timely action. The attorneys upon your call use Discovery through which they can get all the information regarding your spouse's ownership of any property, finances, or any other type of valuable asset. This is to ensure that the marital assets are fairly divided among both partners. The method of discovery attains all significant pieces of information via:
Your respective lawyer will ask for all the important documents by your partner which include tax returns, bank account records, and loan applications.
The lawyer may also send an interrogatory form to your partner that needs to be answered honestly and the questions must be answered under a word of promise.
The attorney has the right to ask for inspecting your spouse’s marital possessions to be used as evidence in the future.
What Could Be Your Next Step?
Hiding assets from your spouse is a criminal act. Especially when you are about to separate, things need to be crystal clear and the possessions must be divided fairly before the final hearing. If you feel that your spouse is hiding assets specifically during the process of divorce, you may immediately tell your attorney and ask them to take necessary actions as soon as possible. A divorce in Georgia can be helped with by many agencies that have lawyers, firmly committed to their profession. Here at Cheap Uncontested Divorces, we provide experienced lawyers for you so that you don’t have to tackle these situations alone.