I Have A Feeling That My Spouse Is Hiding Assets In Our Divorce. What Can I Do About That?
Unfortunately, when a divorce is initiated, many people will do whatever they can to preserve what they feel is their own money.
They may keep secret bank accounts during the divorce, give assets away to family members, or even hide cash in order to avoid giving a spouse a portion of the money.
If that happens and the assets are not exposed, one spouse is likely to obtain an unfair settlement.
Forensic accountants can be used to help find hidden assets.
If you feel that it’s not worth hiring an expert, there are a number of steps you can take on your own.
A great place to start is with tax returns. Go over the last five years to look for any inconsistencies. If you don’t have the returns, you can order them from the IRS.
If your spouse is a business owner, you should carefully examine the corporate tax returns for any changes or inconsistencies.
It’s common for business owners to put a friend on the payroll, who will give the money back to him after the divorce.
Looking at credit card statements and bank statements can also be eye opening.
Your spouse could be making unusual withdrawals in a pattern that could indicate a hidden asset.
In some cases, a spouse will open a bank account for a child in order to hide assets until the divorce is final.
If you suspect there is a significant amount of money hidden, you should spend the money to hire a forensic accountant.
In many cases, the forensic accountant can find enough assets to more than make up for the cost of hiring him or her.