Concealed Assets and Transferring Funds without the Spouse’s Knowledge
It is not uncommon for spouses or domestic partners to conceal assets or transfer funds without the other spouse’s knowledge. This is especially true when one spouse has greater financial control and/or when one spouse has advance notice of a divorce. Since California is a community property state, meaning that there is a rebuttable presumption that each spouse or domestic partner is entitled to a 50% share all property accumulated during the course of marriage, there is an incentive for parties to conceal assets or transfer fund in order to reduce the other spouse or domestic partner’s community share. Cash, bonds, mutual funds, cash value in insurance policies, cash value in variable annuities, stocks, and real estate are examples of assets that can be concealed and/or transferred. Additionally, high value personal property assets, such as jewelry and antiques, may be hidden or concealed.
How Can Assets be Hidden?
There is almost no limit to the ways a person can transfer or hide marital assets. Some common methods include wire transfers of funds, acquisition of property in the name of another person, and depositing of funds in accounts unknown to a person’s spouse or partner. There are also a number of more sophisticated ways in which a person may transfer or hide marital assets.
Actions Aeschleman Law Can Take to Identify Concealed Assets or Asset Transfers
The family law lawyers at Aeschleman Law will discuss any concerns that you may have concerning potential conceal, transferred or hidden assets and devise a customized plan to identify and retrieve those assets. Some of the strategies we employ include:
- Examine tax records, bank statements, credit card statements, investment account statements, and retirement account statements for suspicious withdrawals, purchases or transfers.
- Trace transfers from bank accounts or investment accounts to international accounts or businesses.
- Review credit card payments for substantial debt reduction.
- Review bank statements, credit card statements, and investment account statements to determine if income or profits have been underreported.
- Review banking records and tax returns to identify undisclosed bank accounts.
- Subpoena payroll records, employment records, bank statements, retirement account statement to uncover suspicious financial behavior, including liquidation of accounts, large transfers, or unreported deferred income or bonuses.
- Review records for tax refunds.
If you have reason to believe that your spouse or domestic partner is hiding or transferring assets without your knowledge or consent, legal assistance is critical. The family law attorneys at Aeschleman Law have the legal expertise and financial background to help identify, trace, and recover hidden assets or wrongfully transferred funds to protect your financial interests.
Aeschleman Law is located in San Jose and serves Santa Clara, Alameda, and San Mateo Counties. Call us today for a initial consultation at (408) 724-8930. You may also contact us by filling out the form on the bottom of this site.