Divorce can be complicated, but nothing compares to the potential pitfalls of a high net worth divorce. Those of high net worth often have a hard time divorcing as they have complex financial portfolios. Likewise, those of high net worth (people who have at least $1 million in liquid financial assets) often have a lot to lose in a divorce. Some might try to hide assets in offshore accounts, safety deposit boxes, or with a relative in an attempt to avoid splitting the whole of their finances with their spouse in the divorce; however, there are ways to circumvent this illegal move.
Now more than ever, it has become easier to track the comings and goings of people’s finances. Digital banking has created an electronic paper trail that allows people to track their spouse’s money. People have used spy apps, hidden GPS locations, and other electronic advancements to investigate their partner’s spending habits.
However, for more electronically savvy partners, a spouse can use a forensic accountant to track down where every cent goes. Forensic accountants are trained to follow the money, and they have been called on in many divorce cases to account for all financial assets of both couples and ensure a truly equitable division of all marital assets.
Finding hidden assets can not only be advantageous when negotiating the terms of a divorce, but it’s fair. For example, some spouses funnel money into a different account to hide an ongoing affair. If marital funds were used to pay for the expenses of another lover, your spouse would have to account for that irresponsibly spent money. Let’s say a cheating spouse spends $20,000 on another person. As the wronged party, the spouse is entitled to at least $10,000 of the wasted money, if not more.
If you suspect your husband or wife is hiding assets from you, it’s important to contact a skilled Fairfax divorce lawyer as soon as possible. A good family law attorney can advise you on the best course of action to take, including whether or not they recommend you hire an investigator. Contact us as soon as possible if you would like to discuss your case with an experienced lawyer. Malinowsky Hubbard, PLLC is exclusively devoted to family law, so we are knowledgeable about the ins and outs of many types of divorces, from straightforward cases to the most complex.
Call us today or fill out our online form to talk to one of our attorneys in a free phone consultation today!