Where to Look for Hidden Assets During Divorce
Ending a marriage can be a daunting prospect for any couple. This process can, however, be particularly overwhelming when one of the spouses suspects the other of hiding assets during divorce. Fortunately, it’s possible for divorcing couples to keep each other honest and for wronged spouses to identify hidden assets and notify the court of the other spouse’s deception. Read on to learn more about where divorcing spouses can look for evidence of hidden assets.
One of the places that a divorcing party can look for evidence of hidden assets is the other spouse’s tax return. These documents will provide an accurate picture not only of the other spouse’s income and financial situation over the past few years, but will also list all investments or real estate holdings. Even another party’s claiming of certain deductions and credits could point to hidden accounts or an unreported source of income. It’s also a good idea, when reviewing a tax return, to look for discrepancies between the expenses reported on the return and those listed on bank statements. This could indicate that a spouse has been using accounts that weren’t reported or using cash to pay for expenses that were never reported on the return.
Another place to look when attempting to find hidden assets during divorce is the other spouse’s bank account statements. These records can provide details about transfers that could in turn, indicate other sources of income or financial activities that weren’t disclosed. It’s also a good idea to keep an eye out for unusual deposits or withdrawals that aren’t consistent with normal spending habits. This could help establish that a spouse is transferring funds to or from another account. Similarly, accounts under other names or with other banking institutions could also be being used to hide assets and debts.
Friends, Family, and Co-Workers
When a person is attempting to uncover hidden assets, it can be helpful to speak with friends, family, and colleagues of the other spouse, who may have knowledge of secret financial activities. These individuals could also provide details about potential investments, or even unreported income. While talking with family members, friends, and co-workers can help shed light on large transactions or hidden assets, it’s important to remember that most people won’t want to get involved in divorce proceedings. For this reason, approaching these individuals through an attorney is usually recommended, as they are well-versed in how to handle these kinds of situations.
It’s also important, when trying to identify hidden assets during divorce, to pay close attention to any business holdings owned by the other party. Besides showing actual profits and losses, the records from these endeavors can reveal whether there were any investments made or payments received through the business that weren’t reported. This could help prove that funds were diverted from a joint account or used to purchase assets without the other spouse’s knowledge.
Our Largo Divorce Attorneys are Here to Help
If you believe that your spouse might be hiding assets from you in an effort to avoid a fair division of marital assets during divorce, please contact the experienced Largo divorce lawyers at Cairns Law for advice.