Hidden assets include any asset which one party does not disclose to the other party, in connection to a proposed property settlement following the breakdown of a marriage or de-facto relationship.
At one extreme, one party may be deliberately trying to conceal the existence of an interest in an asset from the other party in a divorce.
Sometimes one party may be fully aware of their interests in assets at the time of making their disclosure but needs prompting from the other party to bring those assets to light.
Often we see one party withholding information about interests in assets from the other party as part of a (flawed) negotiation approach to reach an agreement on other aspects of the divorce, such as parent/child agreements.
Certain environmental factors may present an opportunity for assets to be hidden from other parties. These include:
Rule 13.04 of the Family Law Rules 2004 requires ‘full and frank disclosure.’ A forensic accountant can work with family lawyers to review initial disclosure and provide advice on whether that disclosure if considered full and frank for the purpose of allowing values for the matrimonial asset pool to be determined and potential claims for spousal maintenance.
In some instances, there can be cases where full and frank disclosure is not made on a timely basis. The challenge is to then work out whether this is:
Unlike in Australia where you can trace shareholders of companies, in other countries it may not be possible to simply search this.
For information on Challenging Valuation Reports, please click – How to Challenge Valuation Reports for Family Law Purposes
AVG Forensic is experienced in finding hidden assets and has a record of success in bringing into the matrimonial/relationship asset pool assets that were not initially included in the matrimonial/relationship asset pool. Please contact us to discuss how we can help.
How we help
We deliver high quality expert advice and reports on forensic accounting and business valuation issues.
Phone: +61 2 8188 4889
Level 57, 19-29 Martin Place
Sydney NSW 2000
Phone: +61 3 8658 4278
Level 40, 140 William Street
Melbourne VIC 3000