Hidden Assets in Divorce: How to Find and Divide Them
Introduction
Divorce can be a messy and complicated process, especially when it comes to dividing assets. While most assets are easily identifiable and straightforward to divide, some spouses may attempt to hide assets to avoid losing them in the settlement process. This can include everything from offshore bank accounts to cryptocurrency investments. In this article, we will explore the topic of hidden assets in divorce and provide you with tips on how to find and divide them fairly.
Why spouses hide assets in divorce?
There are several reasons why a spouse might attempt to hide assets during a divorce. One of the most common is to avoid losing them in the asset division process. If one spouse has significantly more assets than the other, they may feel that they are entitled to a greater share of those assets. By hiding assets, they can avoid having to split them with their spouse.
Another reason a spouse may hide assets is to avoid paying child support or alimony. If they can conceal their true income or assets, they may be able to avoid making payments or reduce the amount that they are required to pay.
Finally, some spouses may hide assets out of spite or to punish their soon-to-be ex-spouse. They may feel that their spouse does not deserve a portion of certain assets or that they are entitled to more than the court would award them.
Types of hidden assets
There are a variety of assets that a spouse may attempt to hide during a divorce. Some of the most common include:
- Offshore bank accounts or investments
- Cryptocurrency investments
- Property or assets in another country
- Undervalued or hidden assets such as artwork, jewelry, or collectibles
- Stashed cash or investments outside of traditional bank accounts
- Business interests or ownership in a small business
How to find hidden assets
If you suspect that your spouse is hiding assets, there are several steps you can take to uncover them. Some of the most effective strategies include:
Hire a forensic accountant
A forensic accountant specializes in identifying hidden assets and can help you to navigate the complex financial records that may be involved in your divorce. They can review bank statements, tax returns, and other financial documents to identify any inconsistencies or unusual transactions.
Review tax returns and bank statements
Reviewing your spouse's tax returns and bank statements can give you insights into their financial situation. Look for any transfers or withdrawals that seem unusual or that you were not previously aware of.
Obtain a credit report
A credit report can provide you with information about any loans, credit cards, or other debts that your spouse may have. If they have taken out any loans or lines of credit that you were not aware of, it could be a sign that they are attempting to hide assets.
Search online and social media
In today's digital age, there are many ways that people can hide assets online. They may have accounts on cryptocurrency exchanges or online marketplaces. They may also post photos of assets that they are trying to hide on social media. It may be worth searching for your spouse's name online to see if anything surfaces.
How to divide hidden assets
Once you have identified any hidden assets, you will need to work with your attorney to ensure that they are fairly divided in the divorce settlement. Generally, hidden assets will be treated as any other assets and will be subject to equitable distribution. However, if your spouse intentionally concealed assets, you may be entitled to a larger share of the assets.
Seek legal help
Dividing hidden assets can be a complex process, and it is important to work with an experienced divorce attorney who can guide you through every step of the way. They can help you negotiate with your spouse or take your case to court if necessary.
Consider mediation
Mediation can be an effective way to resolve disputes over hidden assets in a collaborative and non-confrontational manner. A mediator can help both parties come to an agreement that is fair and equitable.
Conclusion
Divorce is never easy, but when one spouse attempts to hide assets, it can make the process even more difficult. If you suspect that your spouse is hiding assets, it is important to take action to uncover them and work with a skilled attorney to ensure that they are fairly divided. Remember that hiding assets is a serious issue and can result in severe consequences. By working with a professional and following the proper legal procedures, you can ensure that you receive a fair settlement and move forward with your life.