Marital property in a divorce proceeding in New York is subject to equitable distribution between spouses. “Equitable” does not always mean “equal.” For the distribution of assets to be equitable, careful consideration must be given to the numerous statutory factors for a court to consider. The provenance and value of marital assets and even separate property assets must also be analyzed.
Unfortunately, some spouses engage in questionable — and sometimes unlawful — practices to conceal marital assets in order retain a larger share of the marital estate. Anyone who suspects that their spouse is hiding assets should speak with a divorce attorney as soon as possible.
Examples of Hidden Assets
A deceptive spouse might try to move marital funds into an undisclosed account; might try to transfer funds by “gift” or otherwise to a friend or family member to be transferred back later, or might engage in other conduct to hide marital assets. Some spouses might try to change the beneficiaries of existing insurance policies in order to deprive their spouse.
If you are concerned that your spouse might be engaging in such conduct, it may be necessary to commence legal proceedings to enjoin this type of conduct. It may also be necessary to enlist the services of a forensic accountant or other professionals to help uncover hidden assets.