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Tracking down hidden assets: What you need to know

On Behalf of | Apr 29, 2018 | Uncategorized |

Disagreements about marital property are common issues that come up during high-asset divorces. In fact, many individuals use unethical tactics to keep their spouses from getting their fair share of marital assets

If your marriage is on the chopping block and you suspect your spouse is hiding assets, take some time to review the following types of hidden assets so you are better equipped to locate them. 

New accounts in children’s names 

Look for accounts that are in your children’s names. If your partner recently set up custodial, savings and other types of accounts in your kids’ names, those funds might be hidden assets. Once the divorce is final, your spouse may withdraw the funds and close the accounts. 

Sudden interest in high-end items 

Is your partner purchasing expensive items, business equipment and other high-end items? He or she could be using those transactions to convert cash into lower value assets. 

Secret P.O. box 

Some individuals rent post office boxes to aid in their secrecy. Your spouse may use one to redirect statements and other information about secret financial accounts and assets from the mail so you do not come across them at home. 

Repayment of faux debts 

Your spouse might suddenly loan money to his or her friends and family and have them hold onto some assets until the divorce is over. 

There are many ways marital assets can suddenly disappear. There are ways to find hidden assets. Many people find it beneficial to hire forensic accountants to keep their spouses from successfully hiding assets. If you do not locate missing assets before the judge finalizes your settlement, you will not receive your fair share of them. Inform your attorney of your suspicions. He or she can petition the courts to start the discovery process so that all marital property can be properly distributed.