Is Your Soon-to-be Ex-spouse Hiding Assets?
On behalf of of Schaffner Family Law posted in divorce on Wednesday, July 13, 2016.
Consequently, even when divorcing spouses agree about a divorce and are on good terms, fear may drive an ex to engage in questionable or downright illegal behaviors. This is often especially true when it comes to financial matters and hiding assets.
Where to Search For Hidden Assets
The following are four common ways that divorcing spouses attempt to hide assets:
- Hidden bank or investment accounts
- Failing to disclose or delaying a job-related bonus or promotion
- Funneling money to friends or family members via bogus loans
- Hidden valuable purchases such as jewelry, art work and antiques
Tips for Uncovering Hidden Assets
- Review tax returns and pay stub information and cross reference the amounts against those deposited into any known checking, savings or investment accounts
- Subpoena a spouse’s employer and request information related to his or her salary, stock options, bonus amounts and retirement plan
- Review account statements to determine if any unaccounted for assets were transferred or withdrawn
- Review financial account statements, wire transfer information and cancelled checks to uncover hidden purchases
A Divorce Attorney Will Protect Your Financial Interests
During divorce proceedings, both spouses are required to file financial affidavits and account for all individual and marital assets and debts. Unfortunately, some spouses fail to provide accurate records and instead take steps to intentionally hide assets.
On your own, it can be exceedingly difficult to determine if a spouse is squirreling away assets. The discovery and recovery of hidden assets is just one way that a divorce attorney can assist in your divorce case and help provide for your and your family’s future financial security.