Hidden Assets In Divorce In Arkansas
One of the basic requirements for divorce is that both parties fully disclose their financial holdings and other assets. If one spouse does not disclose everything, they may be subject to being charged with contempt of court, paying financial damages and, in extreme cases, sentenced to jail time.
At Robertson, Oswalt, Nony & Kennedy PLLC, in Little Rock, our experienced Arkansas divorce lawyers are here to help you through all aspects of your divorce, including the possibility of your spouse hiding assets. If you suspect that this may be the case, let your attorney know and we will investigate it for you. Speak with us today to learn more.
Hidden Assets Are A Fairly Common Tactic In Divorce
While anyone can try to hide assets during a divorce, it happens more often in high net worth divorces. People with considerable assets have more to hide and the means to hide them.
Divorce, especially a high-conflict divorce, often makes people angry, and they feel like they have to win the case. Hiding assets may be one way they seek to accomplish this. It may be less about retaining the specific assets and more about simply depriving their spouse of them.
Frequently Asked Questions About Hidden Assets In Divorce
It’s quite common for people to have questions about hidden assets in divorce. See the questions below and let us know if you need additional information.
How do you know if your spouse is hiding assets during an Arkansas divorce?
There are ways to determine whether your spouse is hiding assets, such as:
- You are not allowed to access marital financial accounts.
- Your spouse makes cash withdrawals in large amounts.
- You find secret accounts or safe deposit boxes that you are not on.
- Your spouse claims many unreimbursed business expenses.
- Your spouse gets mail somewhere other than at your home.
- Your spouse says their income is decreasing, but they are still spending significant amounts of money.
- You find out that your spouse is transferring assets or selling them.
There may be other signs. You should discuss all of your suspicions with your attorney.
What happens if hidden assets are discovered after the divorce is finalized?
If hidden assets are discovered after the divorce is finalized, a judge can decide to reopen the divorce. They may revisit the property division to give you the hidden assets and/or more of the marital assets. They may also order your spouse to pay your legal costs.
Can a forensic accountant help uncover hidden assets in Arkansas divorce cases?
Yes, a forensic accountant can help you uncover hidden assets in an Arkansas divorce. They know how to examine financial account records and find hidden accounts and assets. They often look at tax documents, credit reports and financial records, as well as any business interests your spouse may have.
What are the penalties for hiding assets in a divorce in Arkansas?
The penalties for hiding assets in divorce in Arkansas may include:
- Having to pay your spouse’s attorney’s fees
- Receiving less of the marital property during property division
- Being found in contempt of court
- Being sentenced to jail time
Each case is different, so you should not assume that all penalties will apply in your case.
Discuss Your Concerns With One Of Our Attorneys Today
To arrange your consultation, call us in Little Rock at 501-588-4451 or contact us online.