When it comes to high-asset divorces, the financial stakes are considerably higher than with a typical divorce. Unfortunately, some spouses may attempt to hide assets to reduce the amount of money they will have to pay out in alimony or child support payments. If you are getting divorced and suspect that your spouse has hidden assets, there are certain steps you can take to uncover them.
Understand Your Legal Rights
The first step is understanding your legal rights in your state regarding the division of marital property. Different states have different laws regarding divorce and asset division, so familiarize yourself with the specific laws in your state before proceeding any further. Knowing what you are entitled to in the eyes of the law will put you in a better position when it comes to negotiating an equitable settlement with your ex-spouse.
One way of uncovering hidden assets is by gathering all relevant documents related to the marriage, such as:
- Joint tax returns
- Bank statements
- Employment records
- Credit card statements.
Once you have collected these documents, look for discrepancies or inconsistencies that could indicate that one spouse is attempting to hide assets from the other. For example, if one spouse suddenly closes a bank account or transfers funds into an unfamiliar account without explanation, this could be a sign that they are hiding something from their partner.
Hire An Expert
In some cases—such as when one spouse owns their own business—it may be necessary for both parties to hire professionals who specialize in uncovering hidden assets during high-asset divorces. These experts may include forensic accountants and private investigators who can track down information about hidden assets and provide evidence that can be used during negotiations or mediation sessions between both parties involved in the divorce proceedings.
Your Family Comes First
Uncovering hidden assets during a high-asset divorce can be challenging, but it’s not impossible if you know where to look and how best to approach the situation tactfully. Knowing your legal rights is essential before commencing any investigation into potential hidden assets on behalf of either party involved in the divorce proceedings. At Testa & Pagnanelli, LLC, our attorneys can help you navigate the complexities of a high-asset divorce, from asset division to uncovering hidden assets.