When a married couple in Arizona decides to end their relationship, it is typically understood that there will be numerous issues to resolve before a settlement can be achieved. If the couple has children together, child custody and support issues will no doubt be high priorities. Property division is also another common main concern in divorce. This state operates under community property rules, which can sometimes spark a hidden asset problem if one spouse tries to gain the upper hand in proceedings.
Hiding assets in divorce is illegal. If a spouse suspects his or her partner of such a scheme, he or she can bring the matter to the court’s attention. However, mere accusations are not enough to convince the court that someone has engaged in this misconduct. A concerned spouse will need to show enough evidence to substantiate his or her claim.
A spouse trying to hide assets might transfer money to a third party or deposit it into a custodial bank account. If a spouse’s name is on a minor child’s savings account, for instance, it would not be difficult to make deposits or withdrawals from the account without sparking suspicion. A spouse might also try to deny that certain assets exist or underestimate the value of a particular property or item as part of a hidden asset scheme.
During the discovery phase in an Arizona divorce, both spouses might fully disclose all assets and liabilities. Community property guidelines typically prompt the court to split all marital property 50/50 between spouses. Any spouse who believes he or she has been victimized in this manner may want to discuss the issue with an experienced family law attorney who can provide support to investigate the issue, gather evidence, and seek the court’s intervention.