One of the key issues for divorcing spouses is the issue of property division. This includes money, vehicles, houses, family-owned companies, and other marital property. The courts are obligated to fairly and equitably divide marital property.
To ensure that all marital property is fairly and equitably divided in a Florida divorce, there is a near-exhaustive list of financial disclosures each spouse must complete. However, that only works when both spouses are forthcoming and transparent. That’s as much of a challenge today as it has ever been.
Does Your Spouse Really Only Have One Bank Account?
The average American has more than five financial accounts. However, nearly 50 percent of Americans have their accounts at only one financial institution. So, while it’s possible that your spouse is showing all the cards when they turn over statements and other records from one bank, it’s equally possible that they are not being forthcoming. You know your spouse better than anybody—if you think there’s more to your spouse’s financial situation than they’re letting on, let your attorney know.
Signs Your Spouse May Be Hiding Money
If your spouse is only giving you screenshots of financial statements instead of PDFs, you might not be getting the full financial picture. Most financial institutions give customers the option of downloading PDFs and other saveable files of important records. These files should give you time stamps that reveal the amount of marital assets your spouse had on a specific date.
Assuming you get PDFs from your spouse, pay attention to any large transfers—especially if your spouse claims they only have one bank account. Records of these transactions should list important information for the account receiving the money. It’s not uncommon for spouses to “lend” money to friends or family during a divorce. Your attorney can help you expose these hidden assets.
In the past few years, money held in applications like Cash App, Venmo, and Zelle have posed problems for divorcing spouses. These apps’ abilities to hold and transfer money have allowed users to essentially use them as secondary bank accounts. Don’t forget about those apps during your divorce.
Your Attorney Can Hire Experts
Exposing hidden assets is complicated, difficult, and requires the help of financial experts. An experienced Florida family law attorney will have worked with forensic accountants and have a network of professionals to lean on. Attorney Heather Bryan has years of experience helping Florida spouses get a fair deal in their divorce; call the office at (863) 417-2130 to schedule a time to talk with a caring legal team.
Heather Bryan Law, P.A.
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