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New York divorce: uncovering hidden assets and debts

Sad but true: spouses may attempt to hide assets, particularly money, from one another. Money, in general, can be a difficult topic for any couple, and it is something that can certainly put a strain on a marriage. In fact, numerous couples in New York and elsewhere choose to file for divorce due to monetary issues.

According to a recent report, approximately six percent of married couples have dealt with financial infidelity. This behavior involves hiding money, other accounts and even debts from a significant other. The same report stated that about 25 percent of married couples believe it is okay to make fairly significant purchases without discussing it with their spouse first. However, this too can have a dramatic impact on one’s ability to trust one’s partner.

For those who feel they may be the victims of financial infidelity, it is possible to uncover any hidden assets or debts. Doing so will not only grant peace of mind but can also ensure a fair divorce settlement. Pulling credit reports, checking files and keeping tabs on known bank accounts are just a few ways to catch a partner who may be hiding his or her assets or debts.

When working through a divorce in New York or elsewhere, it is possible to seek the help of financial advisers or others experienced in finding hidden assets. Taking the time to ensure all assets and debts are accounted for is certainly worth the effort, and it will more than likely pay off in the settlement. If hidden assets and debts are a concern, tackling them before a divorce is finalized will likely be easier than questioning them after agreements are made, papers are signed and the dissolution of marriage is finalized.

Source: mainstreet.com, “Is Your Spouse Hiding Money and Assets From You? It’s More Likely Than You Think”, Nicholas Pell, April 23, 2015

Important Information

COVID-19 (Novel Corona Virus)  Update 3-20-2020

By order of Governor Andrew Cuomo, beginning 3-22-2020, all non-essential business in New York state must close their physical offices in response to the rapid rate of positive reported cases of COVID-19 in New York State.

Although this will impact the in office and in person services that LIT can provide, we will still be working remotely from our homes to serve our existing clients and we will continue to serve the public on a remote basis with any new legal matters for which they may need assistance.

We as a nation have overcome great obstacles in the past and although the challenges that lie ahead of us as community, as a state, and as a nation are great, we will overcome them as our resilience as individuals, as a community and as a nation will allow us to prevail.

May all of you and your loved ones be safe and well .

Larkin, Ingrassia & Tepermayster, LLP

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