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Hidden assets in a divorce an obvious no-no; how to find them

| Jun 4, 2015 | Family Law |

If you see evidence relating to a vacation home you knew nothing about during the lead up to your divorce and pursuant to examining various documents your spouse has been keeping in a drawer, might it be time to hire a forensic accountant?

Maybe.

Your divorce attorney will certainly know one and can counsel you on next-step strategies regarding the accounting of marital property you might not know about.

Unsurprisingly, and as we note in an article on our website discussing assets hidden by a spouse during divorce, a full identification and equitable disbursement of marital property can be a major focal point in a divorce, especially one featuring significant assets.

And finding that property can take a bit of work. A spouse seeking a full accounting can take heart, though, in knowing that a systematic and thorough approach to finding assets can yield desired results. As the above-cited article states, “There are steps that people can take … to discover these hidden assets.”

The first step starts with a careful combing of all financial records. Methodical scrutiny of bank/credit union and credit card statements can obviously uncover anomalies and relevant information across a broad spectrum.

So, too, can a probing look at a spouse’s employment-related information. How much is in that 401(k) account? Does your partner have a pension plan? Stock options? Some sort of deferred-compensation arrangement? All these things can be discovered through careful research.

And, of course, no search that forgoes a microscopic look at tax returns and related documentation can be considered thorough. Tax documents can be a treasure trove of information concerning assets and various accounts.

A proven divorce attorney with experience in property division matters knows where to look for relevant information regarding assets, including property that is being intentionally hidden by a spouse.

Equitable sharing in divorce is important, sometimes critically so for a comparatively disadvantaged spouse. It can only result when all marital assets are identified and properly valued.

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