Once the divorce process starts, many individuals will do whatever they can to hold on to what they feel is their own money when marital property is divided. Some people even have secret accounts and other financial activities during the entire length of the marriage. Exposing these hidden assets is the only way to make sure you get a fair divorce settlement. If you suspect your spouse is trying to hide assets through hidden accounts or other means, there are a few ways you can expose the hidden assets and get the full compensation you are entitled to.
Checking Account Statements and Canceled Checks Can Be Revealing
Cancelled checks could be a sign that your spouse is purposely writing fake checks in order to stash the amount somewhere you can’t access. Checking accounts can show where your spouse’s money is going. You can request an order to discover if you suspect this form of trickery. It will tell you which account was used and where the check was deposited.
Investigate Account Statements
Deposits and withdrawals could point to a hidden asset such as a dividend producing investment. If you notice any unusual, withdrawals or deposits take notice. This could point to a hidden stock or bond that pays out interest, or perhaps the spouse is stashing money in a personal savings account rather than your joint account. Also, be sure to make copies of all financial account statements before you separate.
Look at Tax Returns
Most people are honest out of fear of penalties, fines, and even prison. Even a spouse who is trying to hide income from you is going to think twice about hiding it from the IRS. Go back at least 5 years to look for any inconsistencies in income, the presence of trusts, partnerships or real estate holdings. Look for any inconsistencies in income, partnerships, real estate, or the existence of trusts.
Help May Come From a Friend or Third Party
It wouldn’t be unusual for a friend to help your spouse hide assets. This can be done by conjuring up a phony debt to the friend with the understanding that the money will be returned once the divorce is final. Also, if there is another man/woman in the picture, assets may have been used to pay for gifts, vacations, rent, and so on. If this is investigated and turns out to be true, it could be brought up in divorce proceedings or the judge to decide how to handle the situation.
Credit Card Reports
If you have the suspicion that your spouse was having an affair and spending your joint income on a vacation you never went on, or a purchase of an expensive gift you did not receive, this credit card documentation could be the evidence you need to support your suspicions.
When it comes to assessing assets, don’t make the mistake of taking your spouse’s word for it. Guilt and emotional pain can cause a certain level of denial that may get in the way of a fair divorce settlement. It can be difficult to prove your spouse has unreported or hidden assets. Your attorney has experience and will do everything possible to help you unearth any hidden assets and gain that is owed to you.
We are committed to helping families resolve legal challenges and get back to their lives. We offer the guidance and support that you will need when you are involved with the legal system.
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About Helmer Somers Law
About Helmer Somers LawHelmer Somers Law helps individuals and businesses navigate the complex system of rules that accompany all legal situations. We are licensed to practice in both Kentucky and Ohio and offers flexible, affordable payment terms for our services. We welcome the opportunity to earn your trust and become your lawyer for life! It’s a fact of life in the modern world. There comes a time for virtually every adult American when the services of a competent, dedicated lawyer are required. Circumstances such as divorce, bankruptcy, estate planning or an income tax audit demand that your rights be protected, and your long-term interests advocated for with diligence and perseverance. When you call Helmer & Somers Law, you can rest assured that they will be.