Going through the end of a marriage can be stressful and intimidating under any circumstance, as the outcome thereof could have a lingering impact on your future. However, if you and your spouse possess considerable wealth, there might be additional factors at play that may only act to further complicate the situation.
One of the most complex aspects of a high net worth divorce may involve identifying and valuing marital assets, especially if there are concerns about the presence of hidden assets. Similar issues can have a significant impact on the outcome of a divorce. Unearthing their presence may be vital to protecting your future in New Jersey.
Steps to take
Knowing the types of behavior one might exhibit when attempting to conceal assets and where to look to uncover hidden assets may be integral to identifying all marital possessions. Some tips to help you navigate this process may include:
- Red flags: Studies indicate that those who attempt to hide assets may be more prone to exhibiting secretive or controlling financial behaviors. Watching for similar red flags may prove imperative.
- Hiding spots: Some examples of spots where one might attempt to hide assets could include places such as safes and safety deposit boxes, or even in bank accounts opened in someone else’s name.
- Family and friends: In some cases, those who exhibit such unlawful behaviors may also give money or possessions to family or friends for safekeeping until after finalizing their divorce.
- Cryptocurrency: The anonymous nature of cryptocurrencies may also make this a common hiding spot. While uncovering hidden assets in this form may prove difficult, it is by no means impossible.
Reviewing mortgage documents and recent tax returns may also prove beneficial, as these documents could hold a wealth of useful information on marital finances and possessions.
Preparing for the process
Uncovering hidden assets is just one example of a complex issue you might encounter when preparing for the end of your marriage. Seeking guidance in addressing every essential topic to address may play an integral role in helping you prepare a strategy for what comes next that focuses on your wishes and needs. In doing so, you may find yourself in a much better position to pursue the best outcome achievable regarding your future and approach the next stage of your life with serenity.