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How to find hidden assets in a divorce

by | Jul 5, 2017 | blog

Divorce is still a prevalent aspect of American society. In fact, over 800,000 divorces took place in the United States in 2014, according to the Centers for Disease Control.

If a person suspects his or her spouse is hiding something prior to a divorce, then he or she can take steps to discover those assets. Although all items should be considered shared assets, some people are not as forthcoming. Take action to locate missing assets.

Call an attorney

It may be difficult trying to find documents in an independent search. However, attorneys have the power of the law on their side. They can request legal documents, forcing an untrustworthy spouse to provide loan applications, account records and other financial documents to the court.

Watch bank account activity

A spouse could also review bank records to see if any transactions are out of the ordinary. For example, if a person knew his or her relationship was about to end, then that person could transfer funds out of a shared account. The spouse makes excuses, such as how the money is simply a loan to a close friend. Do not take the word at face value, and always dig deeper.

Physically search

In many cases, a high-tech approach may not even be necessary. Occasionally, spouses will hide documents such as life insurance policies or bank statements around the house. It is even possible to find cash, which is an asset and can be divided accordingly during a divorce.

Be wary of behavioral changes

This can include spending an extravagant amount of money on a new car or something similar. It is also important to be mindful if a spouse has unexpected changes at work. For instance, if a person owns his or her own business, then it should set off some alarms if he or she hires a “consultant” or a new employee around the time of the divorce. It could be an indicator the spouse is trying to funnel funds to another source.