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Thursday, June 8, 2023

How To Find Out If Your Spouse Is Hiding Assets During Divorce

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A Cook, Software analyst & Blogger.

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 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 to ensure that. 

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 

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

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. 

Third-party involvement

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. 

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