How to Uncover Hidden Assets in a Divorce
It is never easy to come to terms with the fact that your spouse may be hiding assets from you during a divorce. The divorce process itself is difficult to process, so needing to deal with how to uncover hidden assets as well can add even more stress to your plate during this time. Fortunately, you can hire an attorney as well as seasoned professionals to assist you if you have suspicions regarding your spouse’s income, assets, debts, and/or any other financial information you might find misleading. Today, we review how to uncover hidden assets while going through the divorce process.
What to Do if You Suspect Your Spouse Is Hiding Assets
There are many ways for your spouse to hide assets from you. He/she may have a private bank account you are unaware of or is purchasing expensive assets before the divorce to be able to sell them after the divorce is finalized. If you suspect your spouse is hiding assets from you, the first step to take to rectify the situation is to consult with an experienced attorney. You may be able to confirm your suspicions by asking the bank for statements; however, this process can get more complicated if your spouse has created independent accounts that you do not have access to or cannot find.
Ways Assets May Be Hidden
Here are some ways your spouse may be hiding assets from you:
Hiding important documents, such as bank statements
If your spouse does not share important financial documents with you, such as bank statements, stock information, and/or tax documents, this may be cause for concern. It is important to note that you cannot hack into your spouse’s email account to search for these documents.
One of the easiest ways for a spouse to hide assets is through a bank account. Your spouse may have opened a new bank account under their name that you cannot access. He/she may make small transfers from your marital account to this account. You should keep track of these transactions and monitor any other suspicious activity.
Also, keep an eye on your credit report. Your credit report will let you know if your spouse has taken out a loan or purchased a large asset.
Getting a post-divorce advantage
Your spouse could also purchase expensive items before your divorce, such as luxury vehicles or property, only to sell them right after your divorce. This gives them a post-divorce advantage, which is not fair. You will want to watch out for any unnecessary spending and new, large purchases during your divorce.
One common divorce tactic is to move assets to offshore accounts just prior to or right after one individual files for divorce. Those with significant assets may take this route because they stand to lose more during a divorce. Your spouse could be investing money in offshore accounts you are not aware of to hide money from you.
Consult with an Experienced Divorce Lawyer at Our Firm
While it may be possible to discover hidden assets by looking at bank statements or spending habits, you should also secure professional legal help to confirm these suspicions. If needed, you can also consult with a forensic accountant or other professional to gather more information about your spouse’s hidden assets.
At McIntyre Tate LLP, it is our priority to ensure your rights and interests are protected during the divorce process. We will work with you so that you receive a fair share of marital property after your divorce. While hidden assets can add a layer of complexity to the divorce process, we are familiar with such situations and will work tirelessly to help you secure a favorable divorce outcome.
Schedule a consultation online or by calling (401) 351-7700 to discuss your divorce case with our firm.