In Mississippi, assets are divided by an equitable distribution system. This means assets are divided by what is fair and not necessarily equal. There are several factors that can affect how the marital estate is divided, such as the length of a marriage, the age of each spouse, financial contributions, education and employment. By the end of the divorce process, marital assets may not be divided 50/50, and you or your spouse could end up with less than half of the marital estate.
Your spouse may believe they will not be able to keep everything they want in a divorce. As a result, your spouse could hide assets, which could reduce the amount of assets you receive in a divorce settlement. However, you can take action to protect your right to a fair share of the marital estate. Here is what you should know:
What are your rights if you suspect your spouse is hiding assets?
During a divorce, you have the right to uncover hidden assets during the discovery process. The discovery process allows you to request financial documents to identify possible unrevealed assets that are hidden in banks, business records, digital assets or other savings accounts. There may be evidence that a spouse is hiding assets if there are sudden and unexplained banking transfers, unusual purchases or discrepancies in financial documents.
If there is evidence of hidden assets, professional legal guidance can help you take legal action to recover a fair share of those assets. If a spouse refuses to give access to hidden assets, they could face potential penalties, including fines and jail time.
