Is Your Partner Using a Slush Fund to Hide Assets?
During a divorce, couples can accuse each other of all manner of activities, mostly negative. The stress of a divorce can cause some people to make mountains out of molehills. Sometimes, however, the allegations are true. You might be trying to get proof of your partner’s indiscretions or defending against their accusations, but having a skilled divorce lawyer on your side can help you. These accusations can continue long after the actual divorce is finalized as the ex-partners continue to fight over assets.
Here is one example of a nasty allegation involving a Florida politician and a divorce case. One of the candidates for Florida House District 14 is Kim Daniel. Her ex-husband is making claims she used a church ministry fund that he helped her create as a personal slush fund. A slush fund is a secret reserve of money in an otherwise-legitimate business which is often used for illicit purposes. This can be something as simple as a hidden personal expense fund all the way up to a secret fund for bribery and money laundering.
Ardell Daniel, the ex-husband, has stated that the ministry was founded in 2004 as a family business and that he personally funded $25,000 to get it started. He wanted to get that startup money back and claimed that he was never compensated during the time that he was working for the ministry. Along with that, he claims that money from the ministry went to pay for a house that Kim owns in Jacksonville, which would imply that Kim used ministry funds as a slush fund. The house in question has been appraised at over $300,000. He also claims that Kim made other personal expenses out of the ministry’s funds.
Sometimes people make a large purchase before a divorce to lock up money. Having money sunk into an asset that can’t be split can make it more difficult for an ex to take their share. They might have to make a choice between gaining a house or gaining liquid cash. However, this isn’t always a smart move. The courts do have ways to take the value of assets into account when deciding a divorce. Just because a court can’t saw a house down the middle doesn’t mean that they can’t split it.
Remember that it is the court’s job to divide the assets of a divorcing couple fairly, which doesn’t necessarily mean evenly. If you try to knowingly hide your assets during a divorce and the court finds out, you will be punished.
If you need help getting your fair share during or after a divorce, you need a good divorce lawyer on your side. If you live in the Fort Lauderdale area, Frances E. Gustavo is ready to help you. His years of experience as a family lawyer will surely be of service to you when you are trying to get your fair share of the assets from your marriage. He can even hire outside forensic accountants if you believe that your partner is using tricks to hide assets that you can claim in a divorce case. Contact our law office for a free consultation.