Divorce and Hidden Assets

Senior man sitting alone in his home

It is not uncommon to worry that your partner might begin hiding assets, or even “innocuously” misplacing or moving assets, during the divorce process. You should always bring this concern up to your attorney.

Some concerns can be addressed with common sense. Concerned about items of personal property? You might be able to take photos or video to create a record. Worried about your children’s passports? An agreed order might be necessary. Perhaps, a simple status quo order can solve the problem.

The standard status quo language provides as follows:

Except as shall be necessary to pay reasonable living expenses, neither party shall sell, encumber, gift, bequeath or in any manner transfer, convey or dissipate any property, cash, stocks or other assets currently in their possession or control of another person, company, legal entity or family member without an order of  the Court  or an agreed order signed by both parties or their attorneys. 

Neither party shall cancel any health, life, automobile, casualty or disability insurance currently covering themselves or a family member or change the named beneficiaries on such policies prior to receiving permission of the court to do so or filing an agreed order signed by both parties or their attorneys.

If your concern is more complicated, consulting an expert may be appropriate. We consult with forensic accounts and other specialists when necessary. If you are concerned about hidden assets, speak with an attorney about your specific concerns.

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