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What can you learn about hidden assets from a 1040 form?

| Mar 31, 2016 | Uncategorized |

Dissolving your marriage in Georgia is a legal matter that may be as stressful financially as ending the relationship has been on your emotions. As you and your spouse go through the process of discovery, you will both need to provide all of your financial documents so the assets and liabilities can be divided equitably. If you have some concerns that your spouse is not providing a full account of these, you may want to hire a financial professional, but there is some information that should be easily accessible to you.

Forbes suggests that you examine tax forms to determine if your spouse is hiding assets that should be listed as marital property. If he or she is not forthcoming about where your jointly filed federal income tax returns are kept, you should be able to receive copies of the information from your tax preparer. Alternately, you could request copies from the Internal Revenue Service, although there is a fee for this service.

Once you have the documents in your hands, there are particular things you should look for. The IRS form 1040 may have a number of schedules submitted with it that are indicative of profits and losses from a variety of sources. For example, the information on Schedule B includes dividends and interest from foreign accounts, mutual funds and others. Schedule E requires reports of rental income or loss, as well as some business incomes, estates, royalties and others. Although this information may give you an idea about how to locate marital assets, it is for educational purposes only and should not be interpreted as legal advice.

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