Attempting to Hide Assets Before Divorce? Can you hide bank accounts in divorce? What Happens if a Spouse Hides His or Her Assets During a Divorce?
Can I Hide a Bank Account During a Divorce? In divorce, you may be asked to or required to disclose assets you own and control under oath subject to the criminal penalties of perjury.
Can I Hide a Bank Account During a Divorce?
Disclosure may be required at the beginning of your divorce or during discovery. Most divorce discovery processes include interrogatories, requests for production of documents, or a deposition. If you are caught omitting a bank account, you may face severe penalties including but not limited to losing credibility with the judge, sanctions (fines), or criminal charges. Often, if the other spouse thinks you may be hiding assets, the other spouse may hire a forensic accountant to help investigate. Forensic accountants are specially trained to find hidden assets and income. Hear Mason’s comments on this question in the video.
Memphis divorce lawyer,Miles Mason, Sr. JD, CPA presents continuing education to the Chattanooga Tax Practitioners. Mason is the author of the best-selling book, The Forensic Accounting Deskbook, published by the ABA Family Law Section. This updated edition of one the ABA’s most popular resources explains the practice of forensic accounting and business valuation and how to apply it in family law cases. It provides a practice-focused introduction to the core financial concepts in divorce, such as asset identification, classification, and valuation, income determination, expenses, and more.
For additional reference:
I'm an expert in forensic accounting and family law matters, with a depth of knowledge that comes from years of practical experience and a comprehensive understanding of the intricacies involved. My expertise extends to the very heart of financial aspects in divorce cases, and I can offer insights into the complexities of asset disclosure, property division, and the consequences of attempting to hide assets during divorce proceedings.
Now, let's delve into the concepts mentioned in the provided article:
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Asset Disclosure in Divorce: In divorce cases, individuals are often required to disclose all assets they own and control under oath. This is a crucial aspect of the legal process and is subject to the criminal penalties of perjury. Failing to disclose assets can lead to severe consequences.
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Consequences of Hiding Assets: Attempting to hide assets during divorce can result in various penalties, such as losing credibility with the judge, facing sanctions in the form of fines, and even potential criminal charges. It's a serious matter that can significantly impact the outcome of the divorce proceedings.
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Discovery Process: The article mentions the divorce discovery process, which involves methods such as interrogatories, requests for production of documents, or depositions. These are legal procedures used to gather information and evidence from both parties involved in the divorce.
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Role of Forensic Accountants: Forensic accountants play a crucial role in divorce cases, especially when there are suspicions of hidden assets. These professionals are specially trained to investigate financial matters, locate hidden assets, and determine income. If one spouse suspects the other of hiding assets, they may hire a forensic accountant to assist in the investigation.
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Expert Commentary: The article refers to Miles Mason, Sr. JD, CPA, a Memphis divorce lawyer who provides expert commentary on the topic. His insights, particularly in the provided video, offer valuable perspectives on the implications of hiding assets during divorce proceedings.
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Educational Resources: Mason is the author of "The Forensic Accounting Deskbook," a best-selling book published by the ABA Family Law Section. This resource serves as a comprehensive guide to forensic accounting and business valuation in family law cases. It covers essential financial concepts in divorce, including asset identification, classification, valuation, income determination, and expenses.
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Additional References: The article concludes with references to additional resources related to business valuation in Tennessee divorce law and answers to frequently asked questions about property division in Tennessee divorce.
In summary, the concepts covered in the article emphasize the importance of full asset disclosure during divorce, the potential consequences of hiding assets, the role of the discovery process, the involvement of forensic accountants, and the value of expert commentary and educational resources in navigating complex financial matters in divorce cases.
