Where to Look for Hidden Assets

 Posted on December 00, 0000 in Divorce Finances

If you are headed for a divorce, an amicable parting and division of marital property definitely is the best case scenario. However, it does happen when one party may attempt to conceal certain assets or even disguise the value of property in an attempt to get out of the marriage with more than the other party.

What to Look For and Where to Look

Here are a few things to look for when faced with a divorce, especially if you think it is something your spouse may have been planning for some time.

• Large sums of cash can be converted into artwork, jewelry, new tools, appliances, or sports equipment. If you notice a number of new purchases it is important to keep track of the date purchased and the value of the items.
• Using joint savings to suddenly repay a large debt. This allows the spouse to avoid carrying the debt after the divorce but have it settled with marital assets.
• Through a prearrangement with a relative or friend, a spouse may use joint savings to pay a “fake debt,” with the understanding the money will be returned to them after the divorce is settled.
• No-interest investments, such as Series EE Bonds and some Municipal Bonds, are not reported because they pay no interest. If you are unaware that your spouse owns such investments, it may be difficult to find them.
• A spouse that works in a predominantly cash business, may pocket large sums of cash and avoid reporting it on tax returns or financial disclosure statements.
• Delayed bonuses or work contracts: spouses have been known to put off accepting large bonuses or sales commissions in an effort to keep that money from being identified as marital assets.

Divorce lawyers who suspect a spouse is hiding assets may work with an investigator or financial forensics expert to conduct a thorough search and review on your behalf. Sometimes it is as simple as observing one’s lifestyle to determine if their expenses are in line with their reported income.

Work with a Knowledgeable DuPage County Divorce Attorney to Assure Fair Asset Division

If you are convinced that your spouse is hiding assets to prevent sharing the value with you as part of a divorce settlement, your best course of action is securing the services of an Aurora divorce lawyer who is experienced in uncovering hidden property. The Law Offices of Matthew M. William, P.C., use every resource available to produce an accurate account of everything with value that is eligible for fair allocation. Contact the office to learn how we put our services to work for you.

Sources:

http://www.divorceandfinance.org/news/284737/Techniques-for-Discovering-Hidden-Assets-and-Unreported-Income-During-the-Divorce-Process.htm

http://www.wife.org/ss-hiddenassets.htm