Kentucky couples going through a high asset divorce face a unique set of issues. At the heart of a high asset divorce is obtaining a truthful and accurate appraisal of each spouse's net worth. After all, high asset couples may own several homes, businesses, stocks, bank accounts, investment portfolios and other valuable assets.
The Problem of Hidden Assets
Unfortunately, it is not unheard of for spouses in a high asset divorce to attempt to hide assets in order to project a lower net worth and therefore have an unfair advantage when it comes to determining property division and spousal support. Therefore, it may be necessary to seek legal help alongside the help of other professionals to both identify and locate marital assets.
Signs That Hidden Assets May Exist
There are several signs that a spouse may be hiding assets. One is if the spouse has transferred the title to a piece of marital property in an unusual manner. An additional sign that a spouse may be hiding assets is if there is a significant financial undertaking involving controlled entities.
What is the Solution?
In many cases it is possible to uncover hidden assets. The big question then may be what is the marital property of the high asset couple worth. This involves serious inquiries and negotiations, which are made more complex if one spouse has attempted to hide assets. Should negotiations fail and a couple need to turn to the court to determine property division, if one party attempted to hide assets his or her credibility may suffer, which could affect the outcome of the property division process.
As this shows, it is unwise to attempt to hide assets, no matter how contentious the divorce may be. High asset spouses seeking to divorce should do what is necessary to ensure that all their marital property is accounted for. Legal help may be available in such cases.