Realizing Your Hidden Assets In Connecticut
All assets in your name which are individually held or jointly held with anyone in the universe are considered a marital asset subject to division.
We have all heard about companies keeping assets hidden in offshore bank accounts. Some individuals do this too, or just don’t realize that an asset, for example, such as a bank account in Switzerland with a sibling is considered a marital asset subject to division. Failure to disclose an asset in a divorce is considered fraud.
At The Prince Law Group, our attorneys look at your entire financial picture. If you are concerned that your spouse is hiding financial assets or property from you, we will investigate. If you are concerned if an asset is real, for example, such as your interest in your parent’s will, or if you need the value of an asset, we can help.
Our lawyers offer representation to individuals who may be involved in contested divorces, as well as consultations for those who would prefer self-representation. We also offer mediation and collaborative law services.
Why Would I Be Accused Of Hiding Assets?
Connecticut considers all property and assets owned by each married person as part of the marital estate, regardless of when they were acquired. Unless property and assets have been specifically designated as separate through a prenuptial or postnuptial agreement, they are subject to division in a divorce. This means if you put your parents’ house in your name to help them avoid tax consequences, that house is now considered marital property.
Other assets and property that are frequently left out of property division may include:
- Unvested and restricted stocks
- Deferred compensation
- Art collections
- Collectibles, like baseball memorabilia or card collections
- Business equipment
- Inheritances, such as trust accounts
Our attorneys understand how property division works and how it applies to you. We will work with you to ensure that your marital property is correctly valued. We may recommend consulting with a valuator to determine the full value of your marital property and how it should be divided between you.