Your marriage was rooted in honesty and the breakup was mutual. Yet, there could still be some foul play involved in the divorce filing process.
Even if money was never a problem, many spouses hide assets through their relationship. Understanding how to detect and search for hidden assets can help bring peace of mind through your divorce.
In plain sight
Sometimes a spouse can hide different income streams or properties right in front of your eyes. As you work with a divorce attorney, they can request to review all relevant financial documents, from each bank account to each piece of furniture you added to your home while together.
However, the problem is a spouse could not only be hiding something as large as luxury car, but they could have also lied about the true value of assets or personal property. For example, that art auction, Pablo Picasso pick-up might not have been the bargain your former partner claimed it to be. So, even if you run down the property list back and forth and forth and back, you still might not be able to see exactly where your ex is tricking you out of a fair settlement.
Forensic accounting
To uncover hidden assets or untruthful reporting of assets, family law attorneys often team up with forensic accountants to run necessary financial audits. Forensic accountants take an investigative approach to divorce cases to find any patterns of deceitful financial habits.
Taking extra measures to reveal all assets before you go to court is especially important in any of the following scenarios:
- Your spouse is a business owner — they could under-report their salary or even hide the income stream of a side hustle
- Your spouse took care of all family finances — you’re not wrong to trust your spouse, but they could have a history of dishonesty about bank accounts or debt amounts
- Your spouse isn’t afraid to gamble — maybe casino-going across the country was a hobby you once shared with your ex, but since gambling is addictive, it could be possible your ex took it to the next level through online apps or secret investments
When you and your spouse can no longer see eye to eye, an experienced attorney can help you file for a divorce and be your advocate for a fair distribution of all shared property.