Don’t Let Hidden Assets Cheat You Out of Your Fair Share

posted in: Divorce | 0

While having a high net worth can make for a relatively comfortable lifestyle, a high-asset divorce can often offer several complications. As someone facing this type of situation, you may worry about property division and other financial impacts that ending your marriage may cause. While you may have some idea as to what outcomes you would like to achieve, your case could face issues if your soon-to-be ex-spouse has hidden assets.

Because state laws entitle you to a certain amount of marital property, you likely want to ensure that you obtain your fair share when it comes to property division. However, if your spouse attempts to hide assets in hopes of lessening the potential financial blow, you may come out shorthanded. Luckily, you could take action in efforts to find undisclosed assets.

Suspicious activity

You may have concerns that your spouse has taken unlawful measures in order to hide assets. However, without clear reasons for your concerns, you may have a more difficult time knowing where to look for assets. Therefore, you probably should think back and try to remember any actions your spouse may have carried out in the past that caused you to raise your suspicions about his or her financial activity.

Uncovering hidden property

Of course, if you do suspect that your spouse has hidden assets to which you could have claim, you undoubtedly want to discover those assets. A variety of methods exist that could assist in such an endeavor. Due to the common use of the internet and electronic communications, finding a trail may seem easier than such an attempt did in the past. When trying to uncover undisclosed information, it may prove useful to explore personal aspects, such as:

  • Tax returns: Though a spouse may not have disclosed a side income or other financial venture to you, he or she may have submitted that information on tax forms. On the other hand, you may notice an underreporting of income on these forms.
  • Web history: Many individuals carry out financial transactions online, and a web history could provide information regarding new bank accounts or investment information.
  • Social media: Today, numerous parties do not think twice about what they post on their social media pages. As a result, your spouse could potentially have left behind incriminating information regarding their hidden assets.

Of course, you undoubtedly do not want to carry out any action that could land yourself in a compromising situation. Therefore, you may wish to explore your legal options for locating the necessary information.
Additionally, because divorce and hidden assets can quickly create a complex situation, you may wish to speak with your legal counsel in order to express your concerns and gain a helping hand. An experienced attorney knowledgeable in discovering undisclosed property may act as a useful advocate.