If you are concerned that your spouse is hiding assets during divorce proceedings, our Family Lawyers' helpful guide is here to alleviate your concerns.

Full and frank disclosure

Each party in a family law proceeding has a duty to provide full and frank disclosure of any relevant documents. However, it is unfortunately a common concern of our clients that their former spouse is hiding assets or is not providing full disclosure of them.

How is an asset hid?

There are many ways to ‘hide’ an asset. For example: Firstly, opening a new bank account and not providing their disclosure;Secondly, depositing money into a friend or family member’s bank account;Thirdly, transferring an asset into a friend or family member’s name;Fourthly, taking a ‘personal loan’ from a friend or family member to increase their liabilities;Fifthly, declaring bankruptcy;Sixthly, selling assets for cash and not depositing the funds into a bank account; orFinally, overpaying credit cards. Hiding assets or failing to disclose can prolong your family law matter, cause unnecessary stress and have significant consequences if found out by the Court.

What can be done if my spouse is hiding assets?

If you believe your former spouse may be hiding assets there are many ways to address this issue. However, it can be extremely difficult and costly to locate hidden assets or income. The best approaches to this issue include: Firstly, file subpoenas;Secondly, submit a Notice to Answer specific questions;Thirdly, obtain an undertaking;Fourthly, hire a forensic accountant;Fifthly, hire a private investigator; orFinally, apply for superannuation information. Whilst these strategies can be used to find hidden assets, they do not always provide results. If you believe your former spouse is hiding assets, please contact the team at New South Lawyers.  New South Lawyers’ communications are intended to provide commentary and general information and not relied upon as legal advice. Seek formal legal advice in particular transactions or on matters of interest arising from this communication.

To find out more, chat with a member of New South Lawyers' Family Law Team today.