The term assets means a lot of things. In this case, it’s a piece of property. An asset is commonly known as a type of property owned by a person, regarding as holding some type of value which can be exchanged for fulfilling debts and other commitments. In most contexts, an asset is what someone owns. The asset itself could be non-physical or physical; both types of assets have one thing in common, though: they’re worth something in monetary value.
In a divorce, asset division is a large part of settling the entire divorce. Assets have to be divided between both parties, especially if both parties hold some stakes in whatever assets. It’s only fair, after all. Though, is it really fair to keep some assets ‘hidden’ away from the division proceedings?
A hidden asset, in the case of a divorce, is a property hidden by one spouse from another spouse.
They’re also considered difficult to discover rather than to conceal. A hidden asset can introduce more issues to divorce proceedings than expected. That alone is a big reason why both parties need to communicate and remain honest with each other throughout the divorce proceedings.
Managing assets and keeping them in the open
There are ways that both parties can manage their assets before undergoing divorce proceedings. That allows them to have evidence in the form of documentation showing the number of assets they own or manage under their individual name.
Compiling detailed financial records with asset assessments or asset valuations is the best way to do that. It’s also the best way for each party to protect themselves, in the midst of a particular emotional divorce process.
Some parties are known to employ financial tactics to attempt keep assets ‘well hidden’ until the conclusion of the divorce proceedings. Sometimes, this involves circumventing the acquisition of financial bonuses or assets well until the divorce proceedings end. It’s suggested, especially if you suspect it happening, to hire a forensic accountant to investigate possible ‘foul play’ in regards to the other party keeping certain assets out of the picture.
Investigating hidden assets before and during divorce proceedings is completely normal, in terms of seeking an amicable divorce with the other party. Being honest about where assets and other finances not only helps the divorce come to an amicable end, but it also helps both parties have a piece of mind