No matter how complex or challenging your divorce or family law issue may be, we will fight to protect your rights.

How to find hidden assets when divorcing

On Behalf of | Jul 1, 2024 | Divorce

Divorce is often complex, affecting all those involved. The emotions of the situation can be distracting, leaving some spouses unaware that their significant other may not have disclosed all their assets. 

Unfortunately, this often leads to unfair property division. The good news is that steps can be taken to find hidden assets and ensure they are all accounted for in the divorce decree. 

Understanding Hidden Assets

Hidden assets refer to any property, income, or financial resource not disclosed during the divorce proceedings. These include bank accounts, investments, real estate, businesses or valuable personal property. Identifying these hidden assets is crucial for achieving a fair settlement.

Reviewing Financial Records

Start by reviewing financial records, including bank statements, tax returns and credit card statements. Look for discrepancies or unusual transactions that might indicate hidden assets. Pay close attention to large, unexplained withdrawals or transfers and any accounts or investments you were previously unaware of.

Utilizing Discovery Tools

During the divorce process, you can utilize discovery tools to obtain information about your spouse’s finances. This can include interrogatories, requests for the production of documents and depositions. These legal mechanisms compel your spouse to disclose financial information and can be instrumental in uncovering hidden assets.

Hiring a Forensic Accountant

A forensic accountant specializes in investigating financial discrepancies and can be invaluable in uncovering hidden assets. They have the expertise to trace money trails, analyze financial records and identify signs of asset concealment. While hiring a forensic accountant can be costly, the benefits often outweigh the expenses, particularly if significant assets are at stake.

Finding hidden assets during a divorce requires diligence, patience, and sometimes professional assistance. Remember, the goal is to achieve an equitable settlement that reflects the true financial situation of both parties.