No one gets married with the idea that the union will end in a divorce. However, most married couples understand that divorces are fairly common in society, making it a possibility. Although marriages are dissolved every day, it is not a routine and easy process to begin and complete.
A divorce can be filled with many disputes and contentious issues, making it a very challenging and lengthy process. Furthermore, there can be many unknowns. A spouse might not be fully aware of the property and finances involved, leading to the concern of hidden assets.
Uncovering hidden assets
Just because you are going through a high-asset divorce does not automatically mean that your spouse has hidden assets from you to avoid the property division process during divorce. Nonetheless, it is important that it is considered and ruled out.
To begin, you should inspect the voluntary disclosures and carefully review them for any errors or omissions. This should be followed by a demand for involuntary disclosures. Through interrogatories, you can ask specific and general financial questions. You can also demand tax returns, bank statements, title or liens, estate or trust documents, safe deposit box entry, financial statements, retirement account statements and saving account balances.
A forensic accountant can aid in determining where to look and what possible assets are not being shared. This can help you when making inquiries during a deposition, as this step is an excellent way to get assets revealed on record.
Finally, by doing your own sleuthing, you can pass on vital information to a forensic accountant to help put the pieces together. The help of a financial professional can be imperative when a spouse is actively attempting to hide assets from the divorce profess.
The divorce process can be complex and emotional. However, with the help of financial and legal professionals, you can better navigate the process. You can obtain a favorable outcome that protects your rights and interests.