A divorce typically involves the equal distribution of all the assets owned by either spouse. Although, it could be probable that your spouse may be Hiding Assets During Divorce the proceeding of a divorce.
While there could be many unjustified reasons behind it, you should talk to a Galveston divorce lawyer for further proceedings if you ever come across a situation of such.
You can easily find out if your spouse is hiding assets during the divorce, but it would be in your best interest to ensure an attorney handles the legal procedure. Your primary goal should be to minimize the hassle of the divorce process and ensure fair division of assets.
Here are some Tips on Finding out the Hidden Assets During Divorce.
Income Tax Returns
Your spouse may hide an asset from you, but they would be terrified to hide the latter from the IRS. Income tax returns could help you find the amount of money or an asset your spouse may be hiding from you.
Depending on how many years you have been married, you should check the income tax returns from the last 5-10 years. By evaluating and comparing those returns with tangible assets, you would know the hidden assets.
Bank statements usually involve all the transactions made by someone. If you doubt that your partner may be laundering money from you, you can verify the same by cross-checking the bank account statements.
Look out for any significant transactions in the statements. If any, consult a Galveston attorney and proceed accordingly. Directly confronting your spouse may affect the ultimate decision of the divorce.
Public records often display the assets owned by an individual. These assets could be vehicles, real estate properties, investments, etc. You would quickly identify if a particular asset owned by your spouse was ever discussed with you. If you do not seem to recollect if your spouse acquired an asset, it means that they are hiding it from you.
If you notice that your spouse’s friends, colleagues, or even boss are around too often around your place during the divorce, there is likely something unfair about it. A boss or colleague can help your spouse hide assets by assuring them a promotion or raise.
Your spouse can even disguise you that they are only lending or loaning an asset to their friend because they need it. Excuses like helping a friend during a divorce could be suspicious. You must always keep an eye out and get yourself a fair settlement.
How do I find out if my spouse is hiding money?
If you suspect that your spouse is hiding money during a divorce, there are a few things you can do to try to find out the truth.
- Hire a forensic accountant. A forensic accountant is a specialist in investigating financial records and uncovering hidden assets. They can help you track down assets that your spouse may have transferred to a secret bank account, offshore account, or trust.
- Review your spouse’s financial statements. Take a close look at your spouse’s recent financial statements, including their tax returns, credit card statements, and bank statements. Look for any unusual activity, such as large withdrawals or payments to unknown entities.
- Talk to your spouse’s friends and family. Sometimes the best way to get information is from the people who know your spouse best. Talk to their friends and family members and see if they have any knowledge of hidden assets.
- File a motion for discovery. If you have reason to believe that your spouse is hiding assets, you can file a motion for discovery with the court. This will allow you to subpoena your spouse’s financial records and other documents.
It is important to note that hiding assets during a divorce is a serious offense. If you can prove that your spouse has hidden assets, they could face criminal charges.
Here are some additional tips for finding hidden assets during a divorce:
- Look for assets that are not easily traceable. This could include assets that are held in cash, precious metals, or cryptocurrency.
- Check for assets that are held in the names of other people. Your spouse may have transferred assets to friends, family members, or shell companies in an attempt to hide them from you.
- Be suspicious of any sudden changes in your spouse’s financial situation. If your spouse suddenly starts spending more money or saving more money, it could be a sign that they are hiding assets.
If you suspect that your spouse is hiding money during a divorce, it is important to act quickly. The longer you wait, the harder it will be to find the hidden assets. You should also speak to an attorney as soon as possible to discuss your legal options.