7 Methods to Expose Secret Assets During Divorce
Thankfully, we can see that this occurrence is much less common than it used to be in the last ten years. In 2020, the divorce rate was 2.3 per 1,000 population. Without any doubt, the most widespread reason for this happening is the loss of trust between partners, which causes other problems down the road.
But a crucial cause of the frustration and angriness is finding out about the spouse’s hidden assets. Since we live in a digital era, hiding these assets is easier than ever. Let’s look at ways to uncover these hidden assets and have a fair divorce procedure.
1. Look at Tax Returns
Without any doubt, a majority of people out there have a fear of penalties and fines. Not to mention that nobody likes going to prison. So, even someone who wants to hide something from you will need to report any assets to the IRS. That’s why we believe this is the best place to start.
So, start looking at tax returns for the last couple of years. Try to find any inconsistencies in the presence of trust, partnerships, income, and estate holdings. Since there’s practically nothing you can hide from the government, tax returns will show is the place that will show all the potential contradictions.
2. Building-Up Cash
Another possible occurrence is a spouse building up and stashing cash for a certain period. There are countless places where someone can hide cash. However, we feel that taking a look at the child’s bank account is the best guess.It’s even possible that cash is on some more obvious places. We’re talking about stashes around your household or some other property you might own. Even the lowest amounts of money every month can grow to become a significant sum over the years. In most cases, another spouse is not aware of it.
3. Bank Statements
Think about how many times you have committed enough time to go through bank statements. We think that this is a pretty rare occurrence, even for a spouse who usually handles these financial responsibilities. So, any possible problems can go unnoticed.Still, if you’re about to go through a divorce, paying close attention to these can help. Your spouse may set aside large sums of money regularly without you even noticing. If you need help, it is always possible to hire a forensic accountant to help with this process.
4. Spending
Some people tend to be creative when hiding some assets. One of the most innovative approaches is to disguise these as purchasing spending. Meaning someone buys a car and asks for it during the divorce procedure.See, you’re not about to give something to your spouse for free. Roughly half of the sum paid for a vehicle was yours. So, you can see that properties are probably the easiest way to hide some assets. For that reason, try to follow how your spouse spends their money, especially during the divorce.
5. Hidden Documents
We all know that paper is not something we use as frequently these days. Still, chances are that paper will still have some uses in the future. One of these uses is for documents created by banks, insurance companies, or the IRS.
If your spouse hides these documents for you, something’s wrong. For some reason, many believe that this is the most efficient approach for finding hidden assets. Still, make sure to look at places that you have access to because looking at those you don’t can cause many problems, even legal ones.
6. Third-Party Assistance
Even though many people would consider that a friend assisting with hiding the assets is unlikely, believe us, it happens all the time. The way it can happen is easy to understand. The spouse can talk about a deceiving debt to a friend or other third party.That way, the spouse will set aside some money that’ll not be a part of the divorce procedure. We cannot stress enough how many phony debts have only this goal. Try to be invested in the relationships between your spouse and their friends as much as possible.
7. Business Records
If your spouse owns a business, there’s a possibility that the business is the place to hide assets. We believe this is one of the best environments to do something like this. That’s why you should look through all the business accounts and look for any inconsistencies.One of these signs is finding some large write-offs. They indicate someone is trying to move assets into the personal account. Besides that, paying a salary to an employee that doesn’t exist is also a possibility. We would recommend hiring professional help when going through business records.
To Sum It Up
Knowing that your spouse is hiding something from you is not a pleasant discovery. But, the divorce is whole another level, don’t you agree? Here, you can learn about a couple of ways to uncover hidden assets during the divorce.Do You Need An Attorney?
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Posted - 02/22/2022
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