When you and your spouse marry, you may take all possible steps to ensure you know everything about one another and to guarantee an open and honest relationship. Though you could win a trivia game based on what your spouse likes or their life, you may be shocked to learn they have assets you’ve never known about. Unfortunately, this financial infidelity can be a contributing factor in divorce and impacts the way the dissolution of your marriage will go. As such, taking the necessary steps is critical to protect yourself during these challenging times by connecting with Los Angeles high net worth divorce attorneys. Keep reading to discover more about how hidden assets can impact the outcome of your divorce.
What Does Financial Infidelity Mean?
It’s important to understand that financial infidelity is not the same as cheating or having an affair. This simply refers to the act of hiding or concealing assets from a spouse. This can include having secret bank accounts or making large purchases without informing your spouse. When discovered, this can often lead to feelings of betrayal and distrust. As such, this can often lead to a divorce.
What Impact Can This Have on My Divorce?
When a partner has an affair or is otherwise unfaithful, this will not impact the outcome of a divorce, as California is a no-fault divorce state. However, financial infidelity may change the way the divorce proceeds, as extra precautions must be taken to ensure the spouse discloses all assets. Many are unaware that hiding assets during a divorce can have unfavorable outcomes, as the judge will not take these matters lightly. Failing to disclose all assets can impact how the courts divide assets and even lead to perjury charges.
Additionally, financial infidelity can lead to issues during a divorce, as the spouse who had assets hidden from them may need to take extra steps to ensure their spouse is not hiding any additional property. This can include working with a forensic accountant. However, this draws the process out, meaning your divorce may take longer than usual.
How Can an Attorney Assist Me Through This Process?
Discovering your partner has hidden a considerable amount of assets from you can be overwhelming, leading to feelings of betrayal and loss of trust. If you’ve decided that a divorce is in your best interest, it’s imperative to connect with an experienced attorney for these matters.
When you’re going through a divorce involving complex assets or hidden bank accounts, the team at the Zitser Family Law Group is ready to help. We understand how complicated these matters can be, which is why we will do everything in our power to assist you during these challenging times. Contact our team today to discuss the details of your case and learn how we can guide you through these matters.
