A recent study discovered that 20% of divorcing couples tried to conceal assets or income from the spouse.
As reported in the Telegraph:
The study – by the accounting firm Grant Thornton, which surveyed 100 family lawyers – found that husbands were much more dishonest when a marriage crumbled.In cases where assets had been hidden, 88 per cent involved men concealing wealth from their wives. Just two per cent involved women hiding assets. In the remainder of cases, both partners tried to conceal wealth from one another. . . .
“Men are seeing these huge settlements and they are terrified,” she said. “If they think a marriage might break down, more and more men are panicking and trying to put their capital into trusts and offshore accounts or buy assets in a third party’s name so that they are hidden from their wives.”
As a result of this trend, finding hidden assets as part is a divorce has become an important aspect of many divorce cases.
And now for the shameless plug – I will be chairing a program aptly titled, Finding Hidden Assets- What Every Divorce Bankruptcy & Commercial Litigator Needs to Know at New York City Bar on April 24, 2008.
The distinguished facility of this program includes:
- Fred Abrams, an attorney and author of the New York Asset Search Blog,
- Lori Lapin Jones, a Chapter 7 Panel Trustee and a New York Law Journal columnist, and
- Peter J. Theobald of Klein Liebman & Gressen, a computer forensic expert specializing in computer forensic examinations.
It looks to be an eye-opening discussion about uncovering hidden assets.