If you’re preparing for a divorce in Alberta, you likely have many concerns on your mind. One of the most pressing issues is often financial stability. You may be worried about your future financial security and how to negotiate a fair share of your marital assets.
In Alberta, the property division process is governed by the Family Property Act. This Act requires spouses to disclose all of their assets and debts to ensure a fair division of property. However, it’s not uncommon for one spouse to try to hide assets from the other.
So, how can you uncover hidden assets and ensure a fair property division?
By reviewing finances carefully
Often, attempts to hide assets leave a trail of clues. You may uncover evidence of hidden assets by reviewing bank account records, credit card statements and income records. For example, you may find proof of payments for a storage unit or a safety deposit box at a financial institution. These records can help you track down hidden assets that could significantly impact the outcome of your property division proceedings.
Other signs of hidden assets may include:
- Inconsistencies in income records or financial disclosures
- Unexplained changes in spending habits or lifestyle
- Undervalued or unreported assets
If you suspect that your spouse is hiding assets, it’s essential to seek the help of a family law lawyer and a forensic accountant. They can help you locate and value hidden assets, as well as gather evidence of any financial misconduct.
How finding hidden assets helps
You can’t claim a fair share of marital resources if you’re unaware of them. Thoroughly reviewing financial records and holdings is vital when preparing for divorce. Discovering hidden assets allows you to include them in property division negotiations.
Gathering evidence of asset concealment can also be beneficial. If your spouse misrepresents their holdings, they risk penalties from a judge, which could reduce their share of the marital estate.
By understanding the potential impact of hidden assets, you can better prepare for a fair divorce and property division process in Alberta.
