What to Know About Locating Hidden Assets During a Divorce
Posted on April 26,2023 in Division of Assets
When going through a divorce, one of the most important steps is to ensure that all assets are identified and properly divided. However, some spouses may attempt to hide assets in order to avoid having to divide them in the divorce settlement. If you suspect that your spouse may be hiding assets, there are several steps you can take to uncover them. First, remember to hire a divorce attorney to ensure you understand your rights and the options at your disposal.
Take These Steps Now
The first step is to gather financial records and documentation. This can include bank statements, tax returns, investment account statements, and any other financial documents that may be relevant. Look for discrepancies or unusual transactions that indicate that your spouse is hiding assets.
Next, strongly consider hiring a forensic accountant or financial investigator. These professionals are trained to uncover hidden assets and analyze financial records to identify irregularities or discrepancies. They may also be able to provide testimony in court if needed. You can also consider hiring a private investigator. They can help gather evidence of your spouse’s financial activities, such as bank account information, property ownership, and other financial records.
Another option is to conduct a lifestyle analysis. This involves comparing your spouse’s spending habits to their reported income. If there is a significant discrepancy between the two, it may indicate that your spouse has hidden assets.
Reviewing your spouse’s social media and online activity may also be helpful. For example, they may have posted information or photos that indicate ownership of hidden assets. However, make sure you do any such activities without hacking into any of their online accounts, as doing so is illegal. Instead, you could visit their online profiles to see if they are posting any material that hints towards additional assets you did not know about.
And finally, it is essential to be vigilant and pay attention to any red flags that may indicate that your spouse is hiding assets. This may include sudden changes in spending habits, unexplained purchases, or attempts to transfer assets to friends or family members.
Contact a DuPage County Divorce Attorney
Divorce is a profoundly stressful process, which can become even more stressful if you believe your spouse is hiding assets from you. To ensure these assets can be uncovered, and a fair divorce settlement can be obtained, contact the experienced Wheaton, IL divorce lawyers with Andrew Cores Family Law Group. Call 630-871-1002 for a free consultation.
Source - https://www.americanbar.org/groups/gpsolo/publications/gp_solo/2022/july-august/finding-hidden-assets-during-divorce/
