Toronto Divorce Lawyer Advising High-Net-Worth Clients on Hidden Assets
In the process of separation or divorce, former partners must divide their property, including all assets, investments, joint bank accounts, real estate, business property, pensions, and debt that they acquired during their relationship.
Division of property can be challenging, both from a legal and a financial perspective, and can be made more difficult where one spouse attempts to remove or hide property and other assets from the equalization and division of assets process, or otherwise attempt to conceal their income to lessen their child support or spousal support obligations.
If you and your spouse are planning to separate, it is critical to consult with a family lawyer with significant experience advising clients on the financial aspects of a marriage or relationship breakdown. The sooner you obtain guidance, the more proactive you can be in planning your affairs.
Prior to founding his law firm, Mark Feigenbaum worked in the cross-border tax department of an international Big 4 firm, and held accounting management positions in a range of sectors in both Canada and the US. Mark combines this extensive tax and business knowledge with his experience advising clients on family law matters to provide exceptional risk management and thorough, multi-disciplinary advice.
Financial Disclosure During Separation and Divorce
Following the breakdown of a relationship, both spouses are legally obligated to provide each other with full financial disclosure. Assets cannot be undervalued, misrepresented, or hidden. Financial disclosure must occur even where spouses are settling their divorce outside of court.
Financial disclosure can become complicated where one spouse has sole control over family finances, or where there are complicated financial or tax structures in place to manage a family’s assets. In such cases, it may be difficult for the other spouse to know whether there has truly been full disclosure of all relevant assets.
Common Indications of Hidden Assets
Signs that a spouse may be attempting to hide assets include:
- Unexpected withdrawals or movement of money from shared accounts;
- Starting to make transactions mostly in cash;
- Other sudden changes in spending habits;
- Large loans given to friends, other family members, or business partners;
- A lifestyle that exceeds reported income on a tax return.
How Can Mark Feigenbaum Help
Whether you were in a marriage or in a common-law relationship that has ended or is ending, and you suspect your spouse may be hiding assets, you should consult with a family lawyer right away. Attempting to investigate or track down hidden assets on your own can mean you might miss something, no matter how thorough you think you are being. A family lawyer with a deep understanding of accounting, tax and finance knows where and how assets can be hidden, how they can be found, and how best to address hidden assets during family law proceedings. Help from a family lawyer with such experience is the best way to protect yourself during this uncertain time. Mark Feigenbaum has worked in accounting, tax, and management positions and brings this unique perspective to his family law practice. He understands the complexity of dividing assets and tracking down any that may be hidden.
Contact Divorce Lawyer Mark Feigenbaum If You Suspect Your Spouse is Hiding Assets
Contact Mark for knowledgeable and strategic guidance and representation with hidden assets and the division of property leading up to and throughout your divorce. Reach Mark online or call him at (905) 695-1269 or toll-free at (877) 275-4792 to book a consultation.