Hiding Assets in a Divorce Proceeding

Our client was seeking a divorce from the owner of a medical practice whom she believed was attempting to secret (hide) assets. The client has raised the children and managed the affairs of the household, and she had no income or job outside of the home. The husband (a doctor) claimed the practice had little value, cut off the wife and withheld access to bank accounts and investments. She had no money to sustain herself or to seek assistance from an attorney. Mr. Whipps successfully helped to have funds made available for the client, and issued subpoenas to multiple financial institutions. A thorough forensic accounting strategy reveals an account that the doctor had used to secret money from the wife. The firm’s financial experts further help to establish a valuation for the practice which substantially exceeds the doctor’s claims. The court recognized the substantial value of the practice and the money which had been hidden, as well as the alienation of one child toward his mother. As a result, the divorce decree included a large division of assets to offset the former wife’s interest in the practice and all marital accounts. She was also awarded possession of the home.

It is often difficult to establish the true value of a closely-held business or professional practice. Some spouses will go to great lengths to hide assets and investments before and during a divorce proceeding. It is important to retain an attorney who can bring more than 30 years of legal experience in these matters, as well as the expert financial team to properly value a business or practice, identify and account for assets and money which may have been hidden and protect your interests throughout the process of a divorce.



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