Tips For Finding Your Spouse’s Hidden Assets
Even though you might be playing fair with your spouse in your divorce matters, there is no guarantee that he or she is. It is not uncommon for a spouse to attempt to hide assets from the other. If you believe that your spouse is not being 100 percent honest about his or her assets, here are some tips to help you uncover hidden assets.
Search Bank Records
Your and your spouse's bank statements are more than just a record of marital transactions. They can also help you determine if your spouse is hiding any assets from you.
Savings bonds, life insurance, and deferred annuities do not have to be included on tax returns. As a result, if you are solely searching your tax returns for signs of a hidden asset, you could miss it. However, if your spouse used a joint bank account to make payments or fund those accounts, you can find them.
Search the records for the last four or five years for payments that could be used to fund any of those assets. You also need to look for money that was taken out in a cashier's check. A cashier's check can be traced to its last known point. If it was used to fund a savings bond, insurance, or other hidden asset, you could potentially find it.
Review Loan Applications
If you and your spouse applied for a loan, it could be the key to finding assets. Lenders require a great deal of information to create a clear financial picture of you and your spouse's standing. It is possible that your spouse included information that you were not aware of on the loan application.
If your spouse owns a business, be sure to check for loan applications. Chances are your spouse was highly motivated to secure the loan he or she took out for the business and as a result, he or she was more likely to include all of his financial information.
Pay close attention to the balance sheet provided to the bank. Compare those to the business statements provided to the court by your spouse. If there is a discrepancy, there might be a hidden asset.
Your divorce attorney can be instrumental in helping you track down all of your spouse's hidden assets. He or she can not only hire an investigator to help with collecting information, but also a forensic accountant to review your spouse's financial documents.
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