Whether proceeding through mediation or traditional litigation, the divorce process can be hampered by numerous factors. One element that must always be considered is the honesty of both parties and the willingness to divulge a complete list of both property and debts. If assets or liabilities are withheld, it can lead to an inaccurate split as well as legal consequences.
What are some common types of hidden assets?
It is not uncommon for individuals to stash away assets in numerous areas. From offshore accounts and secret bank deposit boxes to gifting property to friends and falsifying organizational debt, individuals can attempt to hide assets in many ways.
How are hidden assets typically uncovered in a divorce?
Through creative investigation and thorough research, experts can generally uncover holes in data to find hidden assets. In most instances, a paper trail can lead to a secret bank deposit box or falsified debt in the family business. Often, there are less-intrusive methods of research, including:
- Social media posts: It is not uncommon for individuals to brag about a new acquisition, a prized collection or a compensation bonus on social networking sites. While these can often be taken with a grain of salt, it might be the starting point to uncovering hidden assets.
- Tax return documents: Various worksheets in a tax return need an accurate accounting of physical property, assets and debts. Many investigators use these documents to uncover inconsistencies in reporting.
Dividing one household into two futures can be an overwhelming task. Property division and the determination of debt responsibility are both tied to the overall financial picture that includes child support, spousal support and child custody. Do not hesitate to seek the guidance of an experienced legal professional.