How to begin addressing the issue of hidden assets

 Posted on December 07, 2012 in Divorce

Most divorce proceedings are not the subject of devious behavior. However, sometimes spouses either intentionally or unintentionally fail to disclose various assets to their former spouse and to the court. Whether these assets are intentionally or unintentionally hidden, it is imperative that they be uncovered. Failure to take all marital assets into account when constructing a divorce settlement arrangement can ultimately harm both parties.

How do you go about finding hidden assets? First, you need to know what you're looking for. Various purchases and rewards are considered assets, even if they are not big ticket items. For example, frequent flyer miles might not strike you as an asset per say. However, they have value and thus must be disclosed.

Other resources you might not ordinarily consider to be assets include outstanding time from a time share program, tax refunds, hobby collections of any value and patents, royalties and copyrights. Basically, any resource you have access to that has or reasonably could have outstanding monetary value in the future should be disclosed during divorce proceedings.

After ensuring that every asset you have knowledge of is disclosed on your end, it may benefit you to investigate whether or not your former spouse is intentionally or unintentionally hiding anything from you. Check credit cards and other financial records for unusual activity or withdrawals, check with your county records office to determine if any real estate exists in your spouse's name that you are unaware of and discuss the discovery process with your attorney. This information will help you in making important decisions regarding your future and reaching an equitable agreement.

Source: EqualityinMarraige.org, "Hidden Assets and How To Find Them"