How Important Is The Accuracy Of The Property And Income Evaluation In A Divorce Case? Can One Little Mistake Unravel A Divorce Settlement?
Accuracy is very important. If someone says that they have a particular piece of property and it turns out they do not actually own that property or vice versa, the court can find they lied and award the non-titled spouse more assets or maintenance. In terms of income, the question of what is considered income can cause many inaccuracies. A lot of people think their income is limited to what Box 1 on their W-2 form states. However, Box 1 on their W-2 is often an inaccurate representation, even of their wage income.
Usually, we look at Box 5 on the W-2 form, which is the Medicare wages. Even that can be a misrepresentation of their overall gross income because it does not necessarily include other forms of income. You also need to include things like rental income and investment income.
If One Spouse Has Been Found To Be Hiding Assets, Could This Potentially Harm His Or Her Custody Situation?
If someone misrepresented their assets and were found to have lied, it is a credibility issue. If the custody issue goes to trial, they could be cross-examined on the fact that they misrepresented the truth earlier in the process. That is an argument the other side can make to say they shouldn’t be believed now.
What Evidence Can Be Used To Prove The Existence Of Hidden Assets In My Divorce Case?
The best evidence is statements or deeds. If someone claims they do not own particular pieces of property, you can hire a private investigator to scour those pieces of property you think the person owns. You can possibly have the Judge sign “information subpoenas” that would go out to particular companies. Other things can be discovered by just analyzing the financial documents you have to see whether there are transfers out to particular accounts you don’t know about. They can then be asked about those items at the deposition.
Would Someone Be Able To Petition For A Modification Of Property Or Asset Division Of A Final Divorce Decree In New York, If It Is Found That Assets Were Hidden?
Whether or not a petition for modification is appropriate depends on whether the settlement agreement states that the parties relied on certain representations made in particular documents. Generally, my settlement agreements will read that the parties have exchanged sworn net worth statements and have relied upon the representations made in those statements in making the settlement. If you have that provision in your settlement agreement and then you discover a piece of property or an asset that the person lied about on their net worth statement, you have good grounds to reopen the divorce case. If you don’t have that provision, how are you going to prove the other side lied about it?
For more information on High Asset Divorce In New York, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (914) 468-0968 today.