divorce lawyers Boynton Beach Explain what to do if a spouse in hiding business money during a divorce (1) (1).jpg

Divorce Lawyers Boynton Beach Explains My Spouse is Hiding Income

Vette Law Divorce Lawyers Boynton Beach Explains What to Do When A Spouse is Hiding Money?

A common issue our divorce lawyers Boynton Beach team sees in contested divorces is spouse hiding income. Sometimes they are understating their income to gain an unfair advantage. Most often, this situation occurs when one party is self-employed. I highly recommend hiring an experienced family law attorney if you are facing this situation. In the meantime, here are some suggestions:

Top 4 Things to Do When You Think a Spouse is Hiding Money is a Divorce Case

We have outlined the top 4 things to look for if you suspect your spouse is hiding money. If any of these are in place, we urge you to call our experienced legal professionals to get immediate answers. This is a critical time and you need to know what you are look for to protect yourself. The top 4 things to look for if you think your spouse is hiding money are below.

  1. Review the business records from years prior to the marital divorce. Often, the older records will be more accurate as the transactions were recorded before the marriage was undergoing strain. Compare the current information with the older records. Look to see if there are significant changes in the revenue, profits or expenses. Red flags to look for are large increases in expenses or reductions in reported cash.
  2. Examine the lifestyle of the other party. If there is a monthly loss reported on his or her financial affidavit, then look to see if there is revolving credit card debt. If not, then the claimed deficit is likely inaccurate.
  3. Make sure all bank accounts are accounted for. Review the bank records for transfers to undisclosed accounts.
  4. After reviewing the business records, consider a deposition to question the other party about the purported change in business income.

Our Divorce Lawyers Boynton Beach and Palm Beach County Can Help

The divorce lawyers Boynton Beach team has a lot of experience in this area of divorce. This is a critical area in any divorce. The result of this area will impact the rest of your life. You need immediate legal answers to protect your rights.

Making a diligent inquiry into spousal income is extremely important. Current income will impact the alimony calculated during the divorce and child support awards. If you suspect your spouse is underreporting their income in your divorce case, you need to act now. Vette family law has the experience to protect your rights during this time. For more questions about any family law matters including marital divorce and child custody issues, contact our divorce lawyers Boynton Beach, Florida team at nicole@vettelaw.com or call 561-531-9132.