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Monday, April 24, 2017

Uncovering Hidden Assets in a Divorce

Going through a divorce can be a difficult process, especially when the proceedings become contentious. In fact disputes about spousal support and child support often arise, and it is not uncommon for one or both spouses to attempt to conceal their assets from each other and the court. While this is illegal, it happens more than many realize.

If you believe your spouse is hiding assets, there are number of steps you should take. First, since many financial transactions are conducted over the internet, viewing a web browser on a computer or smart phone can reveal vital information about sites that were visited. In particular money being transferred out of and into accounts is a telltale sign that someone is hiding assets.

In addition, social media may also offers clues that a spouse has money her or she claims not to have to pay spousal support or child support. Are there comments or pictures posted about purchasing a luxury item or taking an expensive vacation? If so, this is valuable evidence that an attorney can use at trial.

Many individuals may not be aware that retirement accounts such as 401(k)s and pensions are considered to be marital property that will be divided in a divorce. If your spouse claims not to have a retirement account, a quick check of the company's website can reveal whether these benefits are offered to employees.

In some cases, it may be necessary to hire a forensic accountant in order to uncover hidden assets such as investments, saving accounts off shore accounts or to track transfers of large sums of money.  In addition, tax returns can be examined to determine if there is income, interest, and dividends that a divorcing spouse may be trying to hide.

Ultimately, if you suspect that your spouse is hiding assets, it is best to speak to an experienced attorney who can take the appropriate legal measures to uncover any assets and present this evidence to the court.

 


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