It is an unfortunate reality that spouses attempt to conceal assets during divorce proceedings to reduce the property that is subject to division. If you own a large estate or are a high earner, you may be wondering, “Can a spouse hide assets through LLCs, partnerships, or family offices in New York? Understanding the signs that your soon-to-be ex may be concealing assets is key to protecting what you’ve built and your property rights.
Understanding the Disclosure Process for Divorces in New York
Whether your divorce is filed at the New York County Supreme Court at 60 Center Street, the Kings County Supreme Court at 360 Adams Street, or elsewhere in New York, the courts require a full and comprehensive disclosure of finances. This document should detail:
- Income and employment earnings
- Bank, investment, and retirement accounts
- Real estate and investment properties
- Business interests
- Debts, loans, and other liabilities
- Valuable assets, including jewelry and luxury vehicles
Without transparency from both parties, the court process cannot effectively account for marital and personal property. If you have concerns about your spouse being transparent during a divorce, the Levoritz Law Firm represents high-earning clients who have large estates. We can protect your property rights by determining whether your spouse is being transparent in their court disclosures.
Common Signs Someone Is Concealing Assets During a Divorce
There are more than 90,000 licensed physicians in New York, and many careers can build large estates that involve complex assets, investments, and properties. Warning signs that a spouse may be concealing assets include:
- Unexplained withdrawals
- Requests for deferred bonuses
- Overpayments on estimated taxes
- Unusual business valuations
- Underreported income
- Increase in gift-giving to family and friends
Hidden assets could also include cryptocurrency, offshore accounts, investment portfolios, or luxury items that have not been disclosed. An experienced divorce attorney can work with forensic accountants and other financial consultants to identify red flags for concealed assets.
In a state with 154 billionaires and many more multi-millionaires, these cases can become incredibly complex when large estates are involved.
How Can I Stop My Spouse From Hiding Assets?
While you cannot physically prevent a spouse from attempting to hide assets, you can work closely with your attorney to uncover suspicious financial activity. You can provide your attorney with complete financial records, promptly disclose any concerns about missing accounts or unusual transactions, and respond quickly to requests for information from your lawyer.
Ask your attorney for regular updates on discovery, document requests, subpoenas, and any efforts to obtain bank, business, or investment records. If you believe assets are being concealed, your lawyer can explore effective options, such as relying on forensic accountants.
Hire a Hidden Assets Lawyer
Whether you live in SoHo, where the average home is valued at $3,135,729, Tribeca, NoHo, or elsewhere in New York, protecting your assets begins with the decision to hire a hidden assets lawyer who understands the state’s hidden assets laws and the challenges owners of large estates face in divorce cases.
A divorce attorney can:
- Learn about your partner’s access to your family’s finances
- Explore potential assets or properties that could be hidden
- Document changes in your spouse’s spending behaviors
- Request a court hearing to address the concerns
- Request appropriate relief from the court
A New York hidden assets case attorney can start by listening to your concerns. While you may want to trust your spouse, understanding the truth is more important during a divorce. You may suggest or imply that your spouse is hiding assets. These accusations must be backed by evidence, and your lawyer can call for a hearing to address the matter directly or rely on a close examination of financial records to document the misconduct.
FAQs
What Happens If a Spouse Is Hiding Assets During a New York Divorce?
If a spouse is hiding assets during a divorce, they could face penalties in court. Both spouses are expected to be transparent in their disclosures, and attempts to deceive the court would likely be handled swiftly and decisively. If you believe that your soon-to-be ex is concealing assets, you can work with your family law attorney to gather evidence or request a hearing to address the matter.
How Can You Protect Your Assets Before a New York Divorce?
You can protect your assets by hiring an attorney to represent you in court, but any attempts to hide or conceal assets could lead to penalties and other consequences in court. An experienced divorce attorney can determine whether your spouse is hiding assets and take steps to classify your property as separate or marital, so you can keep any assets that you own outright.
What Types of Assets Are Generally Considered Separate Property in a New York Divorce?
Common types of assets that are considered separate property in a New York divorce include gifts, inheritance, and anything that was owned before the marriage. Proving separate property generally requires documentation and records. Since the burden of proving that property is separate falls on the party making that claim, legal support can play a key role in protecting your property rights during property division.
Can an LLC Be Divided in a New York Divorce?
If an LLC or ownership interest in a business is considered marital property, it may be subject to equitable division in a New York divorce. The court may order a business valuation to determine its fair market value and decide how marital interest should be divided. In certain cases, the business owner retains ownership while the other spouse receives assets or compensation to offset their share of the business’s value.
Contact A New York Hidden Assets Lawyer
The attorneys at the Levoritz Law Firm are dedicated to protecting what you value most. Our award-winning lawyers have earned a strong reputation for aggressively pursuing favorable outcomes for high-earning clients throughout New York. Integrity, communication, and a steadfast commitment to our clients are the principles that shape our approach to every family law matter.
By pursuing cases with focus and skill and treating our clients with uncompromising compassion, we deliver outcomes that protect the interests of the people we represent in court. Contact our office today to schedule your initial consultation so we can provide you with the exceptional legal support that your case deserves.
