For many people, securing a fair economic outcome is a top priority in any pending divorce case. They want to hold their spouse accountable and to obtain the resources necessary to rebuild their life after the divorce. Unfortunately, some people don’t play fair when they prepare for divorce or even during a marriage. It is somewhat common for spouses with complex marital estates to try to hide assets from the other spouse and possibly even the family courts. The goal is to avoid sharing the value of those assets in a divorce.
Those preparing for divorce after a marriage with a comfortable standard of living may need to review the marital estate carefully to check for warning signs of hidden assets. The following are some of the most effective ways of uncovering hidden assets before and during a divorce.
Obtaining financial records directly
Relying on a spouse for key financial records can lead to manipulation in some cases. People may withhold statements from certain accounts that they have not disclosed to their spouses. They might even falsify financial records as a way of hiding their true income or their habit of transferring money from their paycheck to a secret account before funds reach a joint account. Spouses who know they intend to file for divorce can gather financial records on their own before filing, which can help them identify discrepancies in any records provided by their spouse later.
Hiring a financial account
The right support when reviewing financial records can identify concerning trends and might even lead to people locating hidden assets. Forensic accountants have training that helps them identify signs of financial misconduct. They can track down dispersed assets and account for missing income. The cost to retain the services of a forensic accountant can pay for itself if they uncover signs of financial misconduct.
Monitoring physical property
One of the hardest-to-track forms of hiding assets involves moving, selling or storing personal property. From antique furniture and designer watches to works of fine art and collectibles, there are many valuable assets in the marital home that someone may try to hide long before they file for divorce. They might store those items in a secret storage unit or have family members hide them in their homes. Other times, they may sell those assets and hide the cash so that they have capital to rely on after they file for divorce. Those who know what physical property is in their home and what has gone missing can potentially hold their spouse accountable for hiding or selling those assets without reporting them.
Attempts to hide assets often lead to skewed and unfair property division outcomes. Locating and valuing hidden assets can help people demand a reasonable property division decree during divorce.
