Georgia is an equitable distribution state, which means that when you divide your marital estate during the divorce process, those assets should be divided in a fair fashion. Keep in mind that this doesn’t mean that the division will be equal. But to ensure that you get your fair share of the marital estate you have to ensure that all marital assets are included in the property division process. This not only means that you have to separate individually owned property, but you also need to be on the lookout for hidden assets.
How hidden assets affect you
In short, marital assets that are hidden are removed from the property division process, and then the spouse who hid those assets can try to utilize those assets for his or her own use post-divorce. This is wrongdoing at its finest, and it can place you in a dire financial predicament.
How assets are hidden
There are a number of ways that assets are hidden, including each of the following:
- Moving funds to a newly created and individually held bank account
- Retitling property in the names of friends or family members
- Transferring marital assets to a business
- Placing assets in a trust with beneficiary you may not approve of
- Selling assets and hiding the proceeds in cash or new accounts
- Moving assets to other states or other countries
As you can see, there are a lot of ways to hide assets. If you suspect that your loved one is trying to cheat you out of what you’re owed, then you should look for red flags of hidden assets and investigate them thoroughly. A forensic accountant may be able to help you there, but so, too, can an attorney who is adept at handling divorce and property-related issues.