New Jersey parents who are getting a divorce will have a lot of matters to hash out. Many of them will relate to finances, which can be especially crucial when it comes to figuring out things like spousal support or child support. But did you know that assets can be hidden, affecting the overall outcome of these matters?
Unfortunately, FindLaw states that a spouse may hide financial assets during the process of a divorce. They may do this for several reasons. One major one is to change the amount of child support they would otherwise have to pay.
Child support payments are determined based on numerous factors, but one of the key deciding points is income. The court will look at how much money both parents are making. Based on your spouse’s individual assets and income, they will be ordered to pay a certain amount per check for support. However, they can falsely alter how much they pay by making it seem as though they make less than they do.
Signs of hiding assets can include making omissions or errors when disclosing income or property, suspicious receipts, unexplained bank activity, or a spouse suddenly needing to “pay back” debts to family or friends. In some cases, big ticket items like artwork or electronics may be purchased as a way to hide assets. After a divorce, these expensive things will often be sold to make back the money.
If you notice any of these signs or otherwise feel suspicious that assets are being hidden, consider contacting an attorney to see what actions you can take to get the money you deserve.
