Do You Need a Massachusetts Lawyer to Find Unreported Income?
A critical step on the road to divorce is to take stock of the assets and debts that have accumulated during the marriage. The property will be divided so that both parties share in the gains and losses that occurred. However, only property that has been disclosed will be divided. If there are hidden assets or unreported income, they cannot be included in the property to be divided. Obviously, it is important to find everything so that a full and fair accounting can take place during the property division process.
Getting the Correct Value
At The Massachusetts Family Law Group, our lawyers consult with forensic accountants and investigators to identify all the assets and explore other financial issues when a couple divorces. These experts are respected by the judges in the Norfolk, Middlesex, Essex and Suffolk Probate and Family Courts. They assist with:
- Determining full and fair income available for spousal maintenance and child support
- Computing reasonable needs or living expenses
- Valuation of business interests
- Enhanced earnings capacity calculations of degrees and licenses
Commonly Overlooked or Hidden Assets
Most people know about the big items in their estates — homes, bank accounts, retirement accounts, automobiles, pending income tax refunds, businesses, items in a safe deposit box and other significant property. However, less obvious items may be overlooked or hidden, which is why our lawyers have prepared a worksheet to ensure that everything is included. Frequently overlooked items include:
- Memberships in health clubs or country clubs
- Season tickets to sporting events or concerts
- Expense reimbursement check
- Stock options
- Antiques
- Jewelry
- Collections of art, coins, baseball cards, books and other valuable items
- Household items
- Frequent flier miles, hotel points and credit card rewards
- Cash value of life insurance
It is up to the parties to prove the existence of particular assets or debts — even if the asset no longer exists. For example, if you can demonstrate that your spouse deliberately dissipated certain assets before beginning the divorce process, you may be able to receive an amount equal in value. To get started on identifying your marital assets, begin filling out our worksheets and spreadsheets.
Trial-Tested Courtroom Attorneys
Because of our aggressive representation of clients in high-net worth divorce cases, our firm is often called in to take over certain cases in midstream. In one year, our attorneys handle more cases involving hidden assets than most general practice lawyers take in five years. When we come into a case that is already in progress, we've been able to change the entire direction and achieve what seems to be to the client to be "the impossible dream".
For more information about hidden assets and unreported income in divorce, call our Boston-area attorneys at (800) 763-1030 or send an e-mail to schedule a free initial consultation.
