During divorce proceedings, a primary object of the Court is to make sure all assets and all debts purchased or acquired during the marriage are divided equally and fairly between the two individuals. When dividing assets, the goal is for each spouse to receive a roughly equal "net" share of assets and debts, finalized by the Judge at the end of the San Jose family court proceeding.
How to Estimate the Division of Assets
Make a list of everything you own, including bank accounts, property, insurance policies, businesses, and pensions. Tell your attorney which assets are owned jointly, and which are individually owned. Be sure to tell your attorney when each asset was acquired, and when each debt was incurred.
Fill out a "Schedule of Assets and Debts" and exchange it with your spouse as part of your Declarations Disclosure. Be careful to list everything of value you own so as to avoid penalties for hiding assets. If you are not sure whether you own something, ask your attorney. If you think your spouse is hiding assets, you may need to serve subpoenas on banks, hire a forensic accountant, hire a private investigator, or sometimes (if your spouse is clueless) just show the Court that Facebook post where your spouse brags about their new car right after telling the Judge how broke they were. If your spouse is making interesting postings on Facebook or Twitter you should print those postings out right away, and show them to your attorney. Your divorce lawyer will help you determine what to do next if you suspect assets are being hidden.
Compare the "Schedule of Assets of Debts" form filled out by each spouse to find discrepancies between the way the assets are valued. Parties regularly try to "hide" assets in plain sight, by admitting that they exist and then severely undervaluing them. If you think that your spouse's coin collection, fishing equipment, and/or antique China dishes are worth more than he/she is admitting you may need to have an appraisal done. Your San Jose divorce lawyer will help you decide if you will be able to settle asset division or if you will need to go to trial.
Ideally, you and your spouse will agree on a way to divide the property and debt, keeping in mind the goal to both end up with approximate equal net shares. The services of an experienced San Jose divorce lawyer will greatly increase your chances of reaching the that ideal resolution of this process, especially if there is a disagreement between the two spouses on how things should be divided.
What To Do If Assets are Not Being Properly Disclosed
Often a couple can come up with a fair division of assets without problems, but other times, one spouse may try to hide assets so they can get a larger share. It is critical in these cases to employ the services of a competent attorney who can help you determine if your spouse is hiding assets, and how to prove it in San Jose family court if necessary. There are penalties set forth in the Family Code for hiding anything of value during divorce proceedings, but the deception must be proven in order for the Court to make attorney Fee Orders and apply these sanctions to the bad actor.
Signs That Your Spouse May Be Hiding Assets :
Bank statements and financial documents no longer coming to your address through the mail. Missing statements may be a sign that financial documents are being diverted to a P.O. box or other address. Contact all banks and credit card companies to make sure you have access to statements and balances on all joint accounts.
Dramatic change in income. Sometimes a spouse will decide to defer commissions, bonuses, or other income until the settlement is over. Your San Jose divorce lawyer can help you discover this kind of illegal activity.
Overpayment of taxes due. This is a sneaky way to get around things, but if the IRS is holding a spouse's money, the net income will be less. Some spouses will decrease deductions to make sure the IRS withholds as much as possible, hoping to get the refund all for them in the following year. Your attorney may recommend a qualified Certified Public Accountant (CPA) to help discover this type of illegal activity.
Overpayment of Debt. Similar to overpayment of taxes, this method of paying a creditor more than is owed them is a way to hide money by requesting a refund after the divorce is finalized in San Jose family court . Watch for large payments to creditors and make sure they are not over payments.As the spouse you could even simply call the creditor up on the telephone and ask them about the balance owed, if any.
Secretive behavior or defensiveness about money. You know your spouse better than anyone, so if you suspect something is not right, have your San Jose divorce lawyer recommend a forensic accountant or private investigator. He or she will help determine if everything is in order with the finances before final judgments of asset division are made. If your spouse has been secretive about money from the very beginning of the marriage it may take more work to dig up all the hidden details than if your spouse became secretive only in the last few months.
How to Estimate the Division of Assets
Make a list of everything you own, including bank accounts, property, insurance policies, businesses, and pensions. Tell your attorney which assets are owned jointly, and which are individually owned. Be sure to tell your attorney when each asset was acquired, and when each debt was incurred.
Fill out a "Schedule of Assets and Debts" and exchange it with your spouse as part of your Declarations Disclosure. Be careful to list everything of value you own so as to avoid penalties for hiding assets. If you are not sure whether you own something, ask your attorney. If you think your spouse is hiding assets, you may need to serve subpoenas on banks, hire a forensic accountant, hire a private investigator, or sometimes (if your spouse is clueless) just show the Court that Facebook post where your spouse brags about their new car right after telling the Judge how broke they were. If your spouse is making interesting postings on Facebook or Twitter you should print those postings out right away, and show them to your attorney. Your divorce lawyer will help you determine what to do next if you suspect assets are being hidden.
Compare the "Schedule of Assets of Debts" form filled out by each spouse to find discrepancies between the way the assets are valued. Parties regularly try to "hide" assets in plain sight, by admitting that they exist and then severely undervaluing them. If you think that your spouse's coin collection, fishing equipment, and/or antique China dishes are worth more than he/she is admitting you may need to have an appraisal done. Your San Jose divorce lawyer will help you decide if you will be able to settle asset division or if you will need to go to trial.
Ideally, you and your spouse will agree on a way to divide the property and debt, keeping in mind the goal to both end up with approximate equal net shares. The services of an experienced San Jose divorce lawyer will greatly increase your chances of reaching the that ideal resolution of this process, especially if there is a disagreement between the two spouses on how things should be divided.
What To Do If Assets are Not Being Properly Disclosed
Often a couple can come up with a fair division of assets without problems, but other times, one spouse may try to hide assets so they can get a larger share. It is critical in these cases to employ the services of a competent attorney who can help you determine if your spouse is hiding assets, and how to prove it in San Jose family court if necessary. There are penalties set forth in the Family Code for hiding anything of value during divorce proceedings, but the deception must be proven in order for the Court to make attorney Fee Orders and apply these sanctions to the bad actor.
Signs That Your Spouse May Be Hiding Assets :
Bank statements and financial documents no longer coming to your address through the mail. Missing statements may be a sign that financial documents are being diverted to a P.O. box or other address. Contact all banks and credit card companies to make sure you have access to statements and balances on all joint accounts.
Dramatic change in income. Sometimes a spouse will decide to defer commissions, bonuses, or other income until the settlement is over. Your San Jose divorce lawyer can help you discover this kind of illegal activity.
Overpayment of taxes due. This is a sneaky way to get around things, but if the IRS is holding a spouse's money, the net income will be less. Some spouses will decrease deductions to make sure the IRS withholds as much as possible, hoping to get the refund all for them in the following year. Your attorney may recommend a qualified Certified Public Accountant (CPA) to help discover this type of illegal activity.
Overpayment of Debt. Similar to overpayment of taxes, this method of paying a creditor more than is owed them is a way to hide money by requesting a refund after the divorce is finalized in San Jose family court . Watch for large payments to creditors and make sure they are not over payments.As the spouse you could even simply call the creditor up on the telephone and ask them about the balance owed, if any.
Secretive behavior or defensiveness about money. You know your spouse better than anyone, so if you suspect something is not right, have your San Jose divorce lawyer recommend a forensic accountant or private investigator. He or she will help determine if everything is in order with the finances before final judgments of asset division are made. If your spouse has been secretive about money from the very beginning of the marriage it may take more work to dig up all the hidden details than if your spouse became secretive only in the last few months.
Source...