In many divorce actions, the main point of contention is the division of assets. While parties may not want to divide marital property during a divorce, behavior designed to hide such property will likely be uncovered by the courts, as demonstrated in a recent New York opinion issued in a divorce case. If you want to end your marriage and want to learn more about how it can impact you financially, it is in your best interest to speak with a New York divorce lawyer about what measures you can take to protect your interests.
Case Setting
It is reported that the wife instituted a divorce action. The court noted that the husband engaged in deliberate actions to obscure and hide marital assets. Specifically, the husband violated court orders restraining him from transferring assets or accessing safety deposit boxes. Moreover, the husband undertook transfers of ownership of his various businesses to his brother and a long-term employee, both before and after the wife initiated the divorce. He also engaged in transactions aimed at creating the appearance of having no assets, even going so far as to portray himself as earning a nominal income of only around $12,500 per year.
It is alleged that the trial court subsequently issued three judgments. The first one distributed marital property, including maintenance and child support, to the wife. The second judgment addressed attorneys’ fees, particularly for the wife’s attorneys, and the third judgment finalized the monetary aspects of the case. The husband appealed. Continue reading