How They Stash The Cash!
If you really want to protect your financial future, you need to make sure your spouse is not hiding assets, money and investments.
Hi, my name is Thomas O’Malley. I’m an experienced family lawyer in Durham Region and the GTA.
Unfortunately, some former spouses will definitely hide their assets to reduce what they must pay to their spouse based on Ontario family law.
Let’s think about a typical example that a spouse could face in their separation or divorce.
Steve operated a restaurant in a nice part of the city.
While he and his wife, Natalie, lived in a nice home and they enjoyed a higher-end lifestyle, Steven showed that he earned little or no income on his annual income tax returns.
When Steve faced a family court case, he suddenly said that he wanted to sell his restaurant.
Natalie’s lawyer hired a private investigator who told Steve that he wanted to buy his restaurant.
When the private investigator asked to see the tax returns for the past few years, Steve admitted that the figures in the income tax returns were not correct. He actually produced bags and bags of cash register tapes from the previous years that showed the true daily sales for the business.
When the private investigator gave this detailed information to an accountant, the accounted prepared a report that showed the real income for the restaurant.
Then Steve was forced to make a fair and reasonable settlement with Natalie when the true income of his business was revealed.
Here’s the key point: if the reported business income seems too low and it’s inconsistent with the spouse’s lifestyle, it probably is too low. Recognizing this discrepancy is the first step in the process of discovering hidden income.
If you have any questions about your separation, divorce or family law case and you would like our help, there’s a few ways to contact our office.
You can leave a message on my Facebook law office page, visit my website at www.canadiandivorcelegaladvice.com, or call me directly at 905-434-8837.
We would be happy to speak to you.
Oh, by the way, did you know you can protect your family law rights and get essential information on settling your family law issues with your former spouse with the daily indispensable family law advice and tips at my FREE Facebook group?
Click here to find out more: Durham Region Separation and Divorce Legal Support Group
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