PLM Family Law

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Is your spouse hiding assets?

In a divorce, equitable division of assets is crucial for ensuring a fair settlement.

However, if you suspect your spouse of hiding assets during the divorce process, it can complicate matters. This article provides guidance on what steps to take if you suspect your spouse of concealing assets in your divorce.

Gather financial documentation

Begin by gathering all relevant financial documentation, including bank statements, tax returns, investment records and property deeds. This will serve as a starting point for assessing the accuracy and completeness of the financial information provided by your spouse.

Engage a forensic accountant

Consider hiring a forensic accountant who specializes in identifying hidden assets. These professionals have the skills and resources to conduct a thorough investigation, tracing financial transactions and uncovering any attempts to hide assets or income.

Request full financial disclosure

File a formal request for full financial disclosure, known as a “discovery request.” This legally compels your spouse to provide complete and accurate information about their assets, debts, income and expenses. Failure to comply with this request can have legal consequences.

Evaluate lifestyle discrepancies

Pay attention to any significant disparities between your spouse’s claimed income and their lifestyle. If their lifestyle suggests a higher income than what they report, it may indicate hidden assets or undisclosed sources of income.

Preserve digital evidence

In today’s digital age, it is important to preserve any evidence of financial transactions that may indicate hidden assets. Take screenshots, save emails or messages and maintain copies of any suspicious financial documents to support your case.

By knowing what steps to take, you can increase your chances of achieving a fair and equitable resolution in your divorce, ensuring that the court properly addresses any hidden assets and that you protect your rights.