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Hidden Assets

FAMILY LAW ATTORNEYS DEDICATED TO ASSISTING RESIDENTS OF ATLANTA

Under Georgia law, the marital assets of a divorcing couple are divided “equitably”—that is, fairly—in order that both parties, following divorce, may be able to enjoy the benefits of the assets they have jointly acquired during marriage. However, sometimes one spouse will attempt to hide assets from the other and also from the court, in order to deprive the other spouse of the benefit of those assets. If you believe that your spouse may have hidden marital assets in order to shield them from the court’s consideration, the family law lawyers at the Law Offices of Thomas C. Rowsey can assist you. Serving the Atlanta region in a broad variety of matters, we have represented individuals in communities throughout Fulton, DeKalb, and Cobb Counties, such as Roswell, Sandy Springs, and Johns Creek.

UNCOVERING HIDDEN ASSETS

In order to arrive at an equitable division of marital assets, courts require spouses to provide a full listing of their assets and debts, both separate and marital. As part of their submission to the court, each spouse must sign a financial affidavit, which is a sworn document to the court that the listing is both complete and accurate. Although an honest mistake (such as forgetting to list a particular asset) does not present a problem as long as the oversight is remedied promptly by a corrected affidavit, purposeful or fraudulent concealment of assets is the equivalent of committing perjury to the court, and it can be punished by fines, the payment of attorney fees, and even jail time.

While it might appear difficult to hide assets from a spouse, such schemes are not uncommon. Particularly when one spouse is responsible for handling the family’s finances, the other spouse can mistakenly trust that finances are being handled responsibly and believe that deceptive financial dealings are legitimate. For example, some common ways assets are hidden include:

  • Asking an employer to defer a raise or bonus until after divorce;
  • Hiding “extra” cash in a safe deposit box or some place unknown to the other spouse;
  • Opening a separate bank account in a child’s name, while retaining the right to manage the account;
  • Investing in portable assets—such as artwork, wine, or other collectibles—and either hiding them or having them appraised at less than their full value;
  • “Repaying” non-existent debt to a colluding party, who agrees to return the money after the divorce is final;
  • For spouses who own a business, creating a fictional employee, vendor, consultant, or other party who “receives” payments that will be returned following the divorce;
  • Deferring profitable sales, contracts, or accounts with a potential customer to keep the valuation of a family-owned business artificially low; or
  • Investing in and hiding non-traceable cash-equivalents, such as bearer bonds, cash (“gift”) cards, or traveler’s checks.

Many of these assets are difficult to trace, but they can be identified in various ways, particularly through forensic accountants who specialize in tracing hidden assets.

Some indicators that a spouse may be hiding assets can include a reluctance to involve attorneys in the divorce, living a more extravagant lifestyle than the acknowledged income would allow, transacting with cash financial matters with cash which would normally be handled another way, or having financial documents redirected to a P.O. Box.

CONTACT AN ATLANTA LAWYER FOR GUIDANCE DURING A DIVORCE

If you know or suspect your spouse is hiding assets, you need to be able to prove it in order for those assets to be accounted for in your divorce proceedings, and your evidence must be clear and sufficient. At the Law Offices of Thomas C. Rowsey, our Atlanta attorneys are knowledgeable in matters related to divorce. and can investigate the evidence you need to make your case. You can contact us at (770) 993-5317 or use our online form to set up a consultation. Even if your divorce is final, we may be able to help you pursue a modification of your decree to obtain an asset division that may be more favorable to you than what the court otherwise would have awarded.

Thomas Rowsey, Attorneys at Law

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GAAW Wright

Tom has been our attorney for many years. He has been with us through thick and thin. He has successfully handled all our queries and cases with patience and understanding. We highly recommend Tom!

Rusty Sendabrick

We had a personal legal issue and were referred to Mr. Rowsey by our business attorney in Alpharetta. Mr. Rowsey and his team were professional and efficient in handling the issue and we are pleased with their efforts. We recommend Mr. Rowsey and would utilize his services again if needs were to arise.

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David O'Reilly

My family and I moved to Roswell from Chicago over ten years ago. At that time, we were referred to Tom to assist us with some of our legal needs. Since then he has become a trusted friend we consider to be our family attorney. The comfort in being able to speak candidly with him and know that he understands our concerns is invaluable. Tom is a man of integrity, vast experience (more than 25 years), who has an exceptional knowledge of the law. Impeccable ethics and an unparalleled work ethic make him an outstanding attorney who is capable, though, and diligent. I recommend him highly to anyone in need of sound legal counsel.

Corey Rennolds

At all times for the duration of my case, Tom demonstrated professionalism, confidence, and honesty. At no point was I pressured to make any one decision over another, but Tom did his best to inform me about the consequences and benefits of all of my options. If he did not know some specific detail regarding my case, he made the effort to find out. Tom instantly exudes trustworthiness and was always in steady contact. I would recommend his services to anyone.

Justina Allen

I met Tom over 10 years ago after settling in Roswell with my family. I have learned over the years that Tom is a man of high integrity, genuine and extremely knowledgeable in his field. Along with being honest, he is a straight shooter and will let you know where you stand. He will provide you with personal attention you don’t get at bigger firms and will go the extra mile. As legal matters can be frightening to deal with, Tom will guide you through the process and get you the results you need. You couldn’t ask for a better person to be fighting for you.