FINANCIAL FRAUD IN DIVORCE
When two spouses fight over assets or income in a divorce proceeding, the potential for fraud, perjury and forgery is very real. Often the wife is disadvantaged from the start: women typically come into the divorce process without all the financial documents from the marriage, and they need the financial documents to prove their rightful share of the assets. When one spouse has exerted unilateral control over the marital assets in the marriage, then that spouse will no doubt continue that same pattern during the divorce proceeding. Whomever is controlling the money supply at the end of the marriage has the advantage .
How do lying spouses commit financial fraud in divorce? They do it the following ways:
They underreport income
Hide cash
Conceal the transfer of property (giving it to a friend or family member to hold until after the divorce is over)
Undervalue property or businesses
Misrepresent ownership of assets and income by providing fraudulent net worth statements
The risk of fraud is also greater in certain circumstances, such as family-owned or closely held businesses and cash businesses.
It is much easier to prevent financial fraud in divorce by taking necessary steps to protect your interests before the divorce proceeding begins. If the proceeding is already underway, however, it is important to take certain steps during the process to maximize the potential for you to obtain your fair share of the marital property. Contact us for a consultation today.