Many divorces can be complex, especially when it comes to asset division. Georgia laws aim for fair allocation, but that does not mean the process is always straightforward.
For example, some people may try to hide assets for revenge or so they have a larger portion. It is not as easy to hide assets and get away with it as some people might think.
How hiding assets may occur
Hiding assets is tricky at best, especially since courts require full financial disclosure from both parties. However, individuals may still attempt to conceal assets through various means. They include transferring ownership to family members or friends, undervaluing assets or even falsifying financial documents.
For example, by placing assets in the names of trusted individuals, the divorcing spouse aims to keep them out of the reach of the marital estate. This theoretically reduces the amount subject to division. Some spouses may think this strategy is relatively easy if the other spouse did not know about the asset or forgot about it. However, various financial records can show what happened, especially if transactions are recent or suspicious.
Falsifying financial documents is perhaps one of the riskiest and most unethical tactics. This can include altering bank statements, tax returns or other financial records to misrepresent income, expenses or asset ownership.
Legal consequences
A spouse who hides assets during divorce proceedings may face severe legal consequences. These consequences can include fines, loss of credibility in court and potentially even criminal charges for fraud.
Financial experts and forensic accountants
To uncover hidden assets, divorcing spouses may get the help of financial experts or forensic accountants. These professionals specialize in tracing financial transactions and identifying discrepancies. By thoroughly examining bank statements, tax returns and other financial documents, they can often reveal assets.
Transparency and honesty are important in ensuring a smooth and just resolution to divorce proceedings.