All parties in Ontario family law proceedings are required to provide full and frank financial disclosure in the spirit and meaning of the Family Law Rules. Failing to disclose finances and assets can lead to undesirable and costly consequences being imposed by the court. In situations where the other party appears to be less than forthright with respect to their own disclosure, our lawyers will take every step possible to uncover hidden assets, including the engagement of experts.
Disclosure of your assets is mandatory.
During arbitration, negotiations, mediation, or litigation, you must disclose all of your assets to the other party. You cannot hide any of your assets, and if the court finds you have done so, they can impose severe sanctions against you. Disclosure must be transparent. Courts do not look favourably on people who chose to hide, deplete, or fail to disclose assets in order to attempt to defeat the other spouse’s claim.
Unfortunately, there are many ways for a person to attempt to hide assets and funds. Those wishing to hide assets often transfer them to a friend or relative to disguise true ownership. Some may transfer funds to an offshore account. Others may repay a relative for a loan, which was never actually advanced in an attempt to reduce their wealth. At Sherman Law LLP, we have the expertise to review financial statements to uncover hidden assets and wealth.
What steps can you take to uncover your spouse’s hidden assets?
Finding hidden assets can be a time-consuming and complicated process for a party in a family law dispute. It will often be necessary to consult with a forensic accountant and investigator to review the financial documents. Experts will carefully review all tax returns, banking records, and credit card statements. Sometimes hidden assets can be uncovered through an examination of a spouse’s spending patterns. In finding hidden assets, we will consider whether the spouse’s lifestyle is more extravagant than the reported income would allow. We also look at the cars, electronics, art, and frequent travel of a spouse to assist us in assessing a spouse’s overall wealth.
If you suspect that your partner or spouse is hiding assets, it is important to assemble the information and documents that you have in support of these assets and contact our firm to meet with a highly skilled Kitchener family law lawyer. We can assist you in requesting that the court make an Order that the other party disclose these assets.
For over 40 years, clients have trusted in our ability to explain their rights and obligations in a separation or a divorce. We are confident that you will appreciate our professional and personalized service. We invite you to browse our website and read the positive things others have to say about us. To benefit from our knowledge and experience with respect to hiding assets or failing to disclose assets as part of your separation or divorce, please contact 519-884-0034 or send us an email. Many of our clients are referred to us by former and current clients, as well as by lawyers, accountants, and financial advisors. We serve clients in Kitchener, Waterloo, Cambridge, Guelph and surrounding areas.
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