In a high-asset divorce, both parties must fully disclose all financial assets. However, it’s not uncommon for one spouse to hide assets in an attempt to keep them out of the divorce settlement.
Reviewing financial statements
One of the first steps to uncovering hidden assets is to carefully review financial statements. This includes bank accounts, investment portfolios, and retirement accounts. Sudden or unexplained withdrawals, large transfers, or unusual purchases might indicate an effort to hide money. You may choose to compare past financial statements with current ones. Doing this can reveal patterns that suggest asset concealment.
Investigating tax returns
Tax returns often provide valuable information. They offer evidence regarding a spouse’s true income and financial holdings. By examining several years of tax returns, discrepancies between reported income and actual assets may become obvious.
Hiring forensic accountants
Forensic accountants specialize in detecting hidden assets. These professionals can track financial activity, analyze complex transactions, and uncover unusual spending or hidden accounts. They often work alongside legal teams.
Looking into business ownership
If one spouse owns a business, it becomes a common place to hide assets. The spouse might underreport income, overstate business expenses, or delay lucrative contracts until after the divorce. A detailed investigation into the business’s financial records can reveal the true value of the business and any hidden income.
A clear path forward
Uncovering hidden assets in a high-asset divorce can be challenging but is essential for reaching a fair settlement. This process establishes financial security for both parties as they move forward with their lives.