Divorce and Hidden Assets

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Divorce and Hidden Assets: What You Need to Know


Overview


While hiding assets during a divorce isn't the norm, it does occur. Discover strategies to identify if your spouse might be concealing assets as you prepare for divorce.

Understanding Asset Division in Divorce


In divorce proceedings, dividing assets can be contentious. Motivations for hiding assets often include greed, feelings of betrayal, or fear of financial insecurity post-divorce. Depending on the state, assets are divided either equally or equitably?"though "equitably" can end up being equally due to overburdened judges.

Early Detection and Prevention


There’s no surefire way to predict if your spouse will hide assets, but you know them better than anyone else. It's crucial to alert your attorney about any suspicions. Before doing so, take proactive steps to safeguard your interests:

Gather Financial Documentation


Before discussing divorce, compile documentation on all marital assets. If you’re unaware of your assets, now is the time to learn. Open bank statements promptly and record account details. If possible, copy any canceled checks to investigate large or unusual transfers, which might indicate hidden assets being moved to friends or relatives.

Secure Key Documents


Ensure you have access to important documents like tax statements. If your spouse owns a business, retain copies of several years of tax returns. Store these documents securely outside your home. This preemptive step can be the key to securing a fair settlement and will be invaluable for your attorney.

Access Records Strategically


If financial records are not available at home, find alternative ways to obtain them. You can request copies of signed tax returns from the IRS to be sent to a trusted address. However, for business-related documents that you haven’t signed, you'll need to seek them elsewhere, possibly at your spouse’s workplace.

Catalog Valuables


List all valuables like antiques, jewelry, and art. If appraisals exist, copy them. These items can easily be moved or sold, especially if a spouse needs cash quickly.

Legal Actions and Resources


If you suspect asset concealment, inform your attorney. Your lawyer can subpoena records from potential accomplices or entities involved in hiding assets. They might also employ investigators to unearth withheld financial records.

By taking these measures, you can better protect your financial interests and ensure a more equitable divorce process.

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