Equitable distribution is a term divorcing spouses may soon learn. Nebraska remains an equitable distribution state, meaning the courts seek to divide assets fairly. Some believe that equitable distribution means the couple splits assets 50/50, but that might not be the case. A judge may decide who gets what after reviewing facts and evidence during a trial. Many spouses prefer to negotiate a settlement, but not everyone negotiates fairly. Some spouses may attempt to hide assets.
Hiding assets in a divorce
Not everyone entering divorce proceedings wishes to negotiate honestly. A spouse might feel entitled to specific assets or want to maintain a particular lifestyle after the marriage ends. The entire disclosure of all assets may put plans at risk since the other party may receive half of a brokerage account.
Anyone attempting to hide assets from the court plays a dangerous game. Such behaviors are illegal and may lead to criminal charges. However, some people feel they can get away with it, so the other spouse must be on the lookout for such behavior.
Some assets might be more challenging to hide than others. Certain careers come with promises of a pension. The eventual pensioner’s spouse should perform due diligence to know the basics about the pension. Otherwise, future income derived from the pension might not factor into the divorce decree.
Other assets, such as restricted stock units, may be easier to hide. Investigating the spouse’s finances may reveal hidden assets such as these.
Addressing hidden assets
Performing a thorough search of any available records may uncover hidden assets. Bank statements could reveal significant sums a partner did not know about. Divorce proceedings might also entail reviewing tax records and credit card statements. Items on these documents could raise questions about what someone may be hiding.
Spouses seeking assets and support from a divorce decree may benefit from painting an accurate financial picture. Single life may come with many unexpected expenses, necessitating requests that support financial stability.