It’s no secret that divorce can sometimes bring out the worst in people. Unfortunately, when one spouse is angered by the other’s decision to file for divorce, they may want to “punish” them. In many instances, this entails hiding assets so the other party cannot receive the property they deserve or the support they need following the divorce. If this represents your circumstances and you have reason to believe your spouse is concealing assets, you’ll want to keep reading. The following blog and Tampa divorce lawyers can help you explore your legal options during these upsetting times.

Why Might Someone Hide Assets During a Divorce?

Unfortunately, there are a number of reasons why someone may attempt to hide assets during a divorce. Most commonly, this is because they want to retain as much money and property as possible or avoid paying support. Unfortunately, this financial manipulation can have a considerable impact on the outcome of a divorce in Florida.

Common Motivations to Conceal Assets During a Divorce

  • To keep more money or property than they would receive during the property distribution process
  • To reduce child support or alimony payments
  • To punish or retaliate against their partner
  • To delay the divorce, ultimately creating more financial strain for their spouse

Why Concealment Matters in Florida

It’s important to understand that Florida divides assets based on their status. As such, the state will only divide marital assets, meaning any property acquired during the marriage or owned by both spouses. This can, in turn, distort what the court may view as fair, substantially impacting distribution outcomes.

What Are Common Ways in Which Spouses Conceal Assets in Florida?

Unfortunately, there are a number of ways in which spouses will attempt to hide assets before or during a divorce. Understanding these methods is critical to remaining alert and recovering the compensation and property you are entitled to during your divorce.

Common Concealment Tactics

  • Utilizing or opening undisclosed bank accounts
  • Moving funds to family, friends, or business associates
  • Disguising transfers as loan payments or gifts
  • Intentionally undervaluing assets like income, real estate, or collectibles
  • Manipulating assets to make them appear as though they are worth less than they actually are
  • Delaying bonuses or commissions until after the divorce is finalized
  • Overpaying taxes to claim a private refund at a later point

Common Signs of Concealment

  • Missing account statements
  • Sudden onset of debts
  • Unexplained withdrawals or transfers
  • Changed passwords
  • Sudden claims of financial hardship that do not reflect their lifestyle

If I Think My Ex Is Concealing Assets, What Can I Do?

In the event that you believe your ex-spouse is concealing assets, it’s imperative to understand the legal action you may be eligible to take. However, the approach you take will depend on whether or not your divorce is finalized.

Immediate Steps to Take

  • Gather copies of the financial records you have access to, including:
    • Pay stubs
    • Tax returns
    • Bank statements
    • Loan information
    • Mortgage records
    • Credit card balances
  • Create a timeline of suspicious activity with any evidence gathered
  • Avoid directly confronting your spouse, as they may use other methods to hide assets
  • Contact an experienced attorney

What If the Divorce Is Still Ongoing?

If you believe your spouse is concealing assets before your divorce is finalized in Florida, the court will provide you with tools to investigate your spouse’s activity.

Discovery Tools That Can Uncover Hidden Assets

  • Request for records
  • Interrogatories (written questions that serve as sworn statements)
  • Depositions (sworn testimony under oath)
  • Subpoenas for third-party records
  • Court-ordered financial disclosure

How This Impacts Case Outcomes

Discovery can directly impact:

  • Property division
  • Domestic support obligations
  • Credibility

You should understand that judges do not look fondly upon those who lie under oath, regardless of the circumstances. As such, the judge may penalize your spouse for their dishonesty.

What if the Divorce Is Already Final?

However, if your divorce is already finalized, but your ex makes a number of financial moves that indicate they had the assets throughout the divorce without your knowledge, you should still contact an experienced attorney to explore your options.

What Options May Exist

  • Petition to reopen the case under limited circumstances
  • The court reviews whether fraud or concealment impacted the outcome
  • Potential avenue to pursue a civil claim
  • Enforcement remedies if the court-ordered disclosure was violated

Why Post-Judgment Cases are More Complex

Unfortunately, you’ll find that instances in which a divorce case is already closed can be more complicated to navigate, as the courts tend to prefer finality once a divorce case is officially over. As such, in order to seek legal action after a case is closed, you must:

  • Show that fraud or intentional deception occurred
  • Demonstrate that the fraud or deception had a material impact on the outcome of the case
  • Provide evidence strong enough to justify reopening the case

Can My Ex Be Penalized for Hiding Assets in Florida?

If you learn that your soon-to-be ex-spouse is concealing assets to manipulate the outcome of your divorce, you may wonder if they will be penalized or face consequences for their actions. In general, the court can impose penalties as a result.

Potential Court Penalties

  • The spouse may be held in contempt of court
  • The judge may award attorney fees and litigation costs
  • The judge may award the concealed assets to the other spouse
  • The court may issue orders that place the concealing spouse at a disadvantage

If Your Ex Lied Under Oath

In the event that your spouse made false sworn statements:

  • The court may impose severe sanctions
  • The spouse may face potential perjury-related consequences

How Florida’s Equitable Distribution Impacts Hidden Asset Claims

Under Florida Statute §61.075, the state adheres to the equitable distribution method of dividing marital assets during a divorce. This essentially means that the court will divide assets based on fairness rather than an automatic even split of assets.

Key Equitable Distribution Information

When determining equitable distribution, the court will consider:

  • How long the marriage lasted
  • Each spouse’s domestic and financial contributions to the marriage
  • Waste or intentional dissipation of marital assets
  • The economic circumstances of each spouse

However, hidden assets are often viewed as fraud or intentional interference with the property distribution process. As such, judges will view this in bad faith and may ultimately issue outcomes to penalize the dishonest party.

Contact a Tampa Divorce Attorney Today

As you can see, when your ex-spouse conceals assets, it can be incredibly difficult to navigate. That is why it’s in your best interest to connect with an experienced attorney to explore your legal options. At Tampa Law Group, we understand the impact that someone lying about their assets can have on you. That is why our dedicated team will do everything possible to help you fight for the justice and compensation you deserve. When you need help, don’t hesitate to connect with our dedicated family attorneys to help you in the fight for the justice you deserve.