The divorce process is already difficult enough without having to worry about hidden assets. Unfortunately, in many high-asset divorces, one or both spouses may try to hide their assets from the other party. This can make the process very frustrating. In this blog, learn where to look for hidden assets in a divorce and how to find them.
If you suspect that your spouse may be hiding assets, look for secret accounts. This can be done by looking through old tax returns or bank statements—look for any unusual deposits or withdrawals. If you find anything suspicious, ask your spouse about it. They may have a reasonable explanation, but it is always best to err on the side of caution.
Check Credit Report
Another way to look for hidden assets is to check your credit report. This will show you any joint accounts that you may not be aware of. It will also show you any debts that your spouse has incurred without your knowledge. If you see anything on your credit report that doesn't make sense, raise the issue with your spouse and try to get to the bottom of it.
Review Financial Documents
If you're going through a divorce, you'll likely have to exchange financial documents with your spouse. This is an opportunity to look for any assets that may be hidden. Pay close attention to things like retirement accounts and investment portfolios—these are common places to hide assets. If you see anything suspicious, don't hesitate to ask your lawyer about it.
Hire a Forensic Accountant
In some cases, it may benefit you to hire a forensic accountant. This is usually only the case in high-asset divorces or when one spouse is particularly good at hiding assets. A private investigator will be able to track down hidden assets and help you get what you're entitled to in the divorce.