A hidden asset refers to any valuable possession, property, or financial resource intentionally concealed by an individual or entity to avoid detection during legal proceedings, such as divorce, bankruptcy, or asset forfeiture. Concealing assets can be illegal and may result in serious consequences, including fines, penalties, and even criminal charges for fraud or perjury. Courts often employ various methods to uncover hidden assets, including forensic accounting, subpoenaing financial records, and conducting investigations to ensure equitable distribution or repayment of debts.
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This glossary post was last updated: 29th March, 2024.
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