California, as a community property state, has specific procedures for dividing assets. Unfortunately, some people seeking a Pasadena divorce attempt to cheat the system by hiding assets from their spouse.
Common ways of hiding assets include working for income under the table and not reporting it on a tax return; investing in municipal bonds or types of savings bonds that are not registered with the IRS; trying to keep cash in the form of traveler's checks; or setting up an account for a minor child that they use to deposit marital funds.
Hobbies offer the potential for hiding assets if they involve collecting things of great value. Antiques, artwork, tools, or gun collections can be hard to appraise if you are unfamiliar with their worth, but certain items could be considered a substantial marital asset. You should be suspicious if you happen to notice that items from your spouse's collection seem to be disappearing.
If your ex owns a business, this adds several new ways he or she could be hiding assets. Your ex could be skimming cash from the business or delaying signing long-term contracts until the divorce is finalized in order to lower the perceived value of the business. Another common tactic is either paying a salary to a nonexistent employee and voiding the checks after the divorce, or paying someone for services that were never provided and having that person return the check when the divorce is final.
How Can We Help?
If you think your spouse is hiding assets, please contact our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com.
Our attorneys are experienced litigators who will work to ensure you receive a fair and honest divorce settlement. If necessary, we will direct you to a private investigator or a forensic accountant who can find proof of hidden assets.