How We Ensure Equitable Division of Marital Assets
In divorces, the equitable division of marital assets is crucial.
But what happens when one parent decides to play a fiscal shell game to unfairly hide assets from the other?
Well, for us here at Army & Roche, it means we deploy our team of forensic accountants and real estate experts and use the courts to protect our clients’ interests.
In one recent case, a husband had $250,000 in a bank account in Massachusetts that he transferred to another account in Nevada. The purpose was to funnel that money to a trust that he then used to buy a single family home in Las Vegas – behind his soon-to-be ex-wife’s back.
During a routine audit, we noticed some discrepancies on his financial statement and began investigating. After reviewing literally thousands of pages of financial documents, we were able to uncover the funds and followed the paper trail. We obtained a subpoena for the bank records in Nevada, followed the money to a title company in Las Vegas and were able to document the real estate purchase.
Once we showed the judge our proof, we got an order for the husband to pay $10,000 to conduct a national asset search, which uncovered three previously undisclosed safety deposit boxes that contained $80,000 in cash. We then secured a court order to protect those deposit boxes to ensure they weren’t emptied without our client’s permission.
Suffice to say, the judge was not happy at these developments and we were able to secure a very generous settlement for our client that ordered the husband to turn over 65 percent of the marital assets – including the Nevada real estate and the cash, in addition to other assets.
These kinds of searches and court actions take experienced, knowledgeable attorneys, as well as accountants who are versed in the many ways that assets can be transferred or hidden. Divorce is hard enough on a family. It’s even harder when one party decides to engage in fraud and deceit.
In these cases, having the right team of attorneys can be the difference between being shortchanged and hoodwinked, and having a secure and happy financial future.