If you believe that your spouse is hiding assets in a divorce, it is important to work with an experienced divorce attorney who can guide you through the legal process, recommending steps to uncover hidden assets.
Start Collecting Financial Documents at Home
If you suspect you spouse is hiding assets, it is important to keep an eye out for irregular financial activity and to gather as much financial documentation as possible. Include bank and credit card statements, tax returns, paystubs, investment and retirement account statements, property deeds, mortgage documents and business records, and any other relevant information to paint a accurate financial picture.
Hire a Forensic Accountant
Depending on the situation, your attorney may employ the services of a forensic accountant who can analyze bank accounts, tax returns, and financial statements to identify irregularities, while tracing any funds directed to offshore accounts, shell companies, crypto accounts and other sources for the purpose of hiding them. A forensic accountant can also identify undervalued assets, fraudulent transfers, and unreported income. He or she will prepare a detailed report of their findings to support your case, often resulting in a more equitable divisions of assets and increased financial support.
Legal Discovery to Uncover Hidden Assets in a Divorce
Your attorney may also use the legal discovery process to obtain financial records from your spouse, their employer, and financial institutions and conduct depositions and interrogatories that, if not answered truthfully, can land your spouse in hot water if hidden assets are discovered.
Hiring a Private Investigator
Sometimes it is helpful to hire a private investigator who can help uncover evidence of hidden income and assets. It may be that a spouse who claims to have limited income is leading a lifestyle that hints at a hidden source of income, which may include showering a new partner with expensive trips and gifts. It may be that the trail leads to a cache of undisclosed assets not reflected in the financial affidavit submitted as part of the divorce.
Contact an Experienced Divorce Lawyer
If hidden assets are uncovered, evidence can be presented to the court potentially resulting in penalties for the offending spouse such as an award of a larger share of the marital assets to their spouse or sanctions for fraud. It is important to discuss your concerns regarding hidden assets in a divorce with an experience divorce attorney. Contact Libertyville divorce lawyer Ronald L Bell for a forthright assessment of your situation at 847-495-6000.