Finding Hidden Assets in a Connecticut Divorce
It’s no secret that going through a divorce can be draining, both financially and emotionally.
However, matters can become even more complicated when your spouse is uncooperative or actively hides certain assets in an effort to keep them from you during the divorce proceedings.
If you suspect that your spouse is hiding money or has otherwise hidden assets in a Connecticut divorce, know that you may have a legal claim for relief.
Use our guide below to learn more about your rights and options when it comes to protecting against hidden assets in a divorce. Then, contact the Connecticut divorce and legal malpractice attorneys at StangerLaw LLC to see how we can help you move forward today.
Importance of Identifying Hidden Assets in a Connecticut Divorce
Under Connecticut law, the court presiding over the divorce proceedings has the authority to divide and distribute the parties’ property in an equitable manner after considering all of the evidence presented by each party.
However, doing so in an equitable manner will almost certainly be impossible if both parties are not properly made aware of the full extent of the assets and liabilities of their spouse.
Thus, being able to identify and locate all of your spouse’s assets will be crucial to obtaining a fair and equitable outcome in your divorce.
Common Examples of Hidden Assets in a Connecticut Divorce
When it comes to identifying potential assets that your spouse may be hiding, it’s important to know what to look for.
Examples of hidden assets in a divorce frequently include:
- Retirement accounts from previous jobs,
- Mutual funds,
- Business interests,
- Investment accounts,
- Overseas bank accounts,
- Real estate owned under their own name, and
- Artwork, card collections, stamp collections, and other valuable collectibles.
Notably, spending, transferring, or otherwise reducing or destroying funds and property may also be considered “hiding” assets in a divorce.
Discovery: How to Find Out Whether Your Spouse Is Hiding Assets in a Divorce
The discovery process will play a pivotal role in locating hidden assets. Discovery is the legal process through which parties to a lawsuit request and exchange information about witnesses and evidence that may be used in trial.
During the discovery process, it is imperative to ask the right questions and carefully evaluate any answers provided and materials produced to help you ascertain the existence, extent, and location of any assets that your spouse may be trying to hide.
Is There a Penalty for Hiding Assets in a Divorce in Connecticut?
Improperly hiding assets in a Connecticut divorce, especially if done in direct violation of a court order, can result in severe penalties, including:
- Contempt of court,
- Asset forfeiture,
- Reimbursement of the other party’s attorney’s fees, and
- Jail time.
However, your spouse may not be the only party subject to legal ramifications.
Suppose you were represented in a previous divorce by an attorney who failed to conduct appropriate discovery that would have otherwise allowed you to find hidden assets. In that case, you might be able to hold the attorney responsible as well.
Hidden Assets Found After Divorce: What You Can Do
If, after the conclusion of your divorce, you find out that your spouse hid certain assets that should have been located during the discovery process, it may be time to consider whether the attorney who was representing you at the time was negligent in their representation.
Your divorce attorney owes you a legal standard of care to provide competent and diligent representation. If they fail to do so, causing you financial losses as a result, you may be entitled to relief through a legal malpractice claim.
StangerLaw LLC: Your Connecticut Divorce and Legal Malpractice Attorneys
If you’re unhappy with a current or previous divorce lawyer who has provided you with inadequate legal representation, call StangerLaw LLC.
Not only do we handle high-wealth divorces, but we also sue lawyers who have caused damage to their clients. Contact our team online or call (860) 561-0651 to discuss your case and see how StangerLaw, LLC can help you fight for your rights today.