Where to Search for Your Spouse’s Hidden Assets in Your Florida Divorce
When a spouse says they want a divorce, and it’s something they’ve been thinking about for a while, you may want to do a little digging to make sure they didn’t plan ahead for this in nefarious ways. Some spouses will go to great lengths to hide assets and bank accounts so they do not have to be included in the property settlement agreement as marital assets.
Most people are pretty honest, but there are definitely some who aren’t. Don’t expect that your husband or wife is going to show their best side during the divorce process. It’s important to be prepared and make sure your rights are protected. This is why it’s so important to have a Boca Raton divorce attorney on your side.
Here’s a look at some of the areas where you might want to start checking for hidden assets. In some complex cases, it may be necessary to hire an expert, like a forensic account to uncover these.
Bank accounts are an easy place to start. Does your spouse have a separate account? Check your bank statements for fluctuations. Look for large deposits or withdrawals. The source of the funds may be harder to track down, but it’s important to figure out if he or she has items like unreported income or is making fake payments to others. He or she may be making up fake debts and sending money to friends or family members to hold on to until after the divorce. Is there an account set up in your child’s name? They may be hiding money there too.
Some spouses will convert money into expensive assets. Is there suddenly new artwork or furniture in their office? What about jewelry? Men sometimes purchase expensive watches with marital assets assuming no one will notice.
Delays in Expected Income
Does your spouse get an annual bonus or raise? Sometimes someone may ask their company to delay their bonus or raise until after the divorce. If the annual bonus is suddenly missing months before the divorce, you are smart to be suspicious.
Rather than new purchases, are things missing? Antiques, artwork, and other valuable assets? Sometimes a spouse will transfer assets to a third party to hold on to for the time being. Tracking down the paper trail can be challenging, but there is usually something that shows evidence of a transfer.
Look at Tax Returns
Some people are not afraid to lie in their divorce documentation, but they are very afraid to lie to the IRS. Check returns for the prior five years and look for discrepancies in your current assets and bank accounts compared to what has been reported in the past.
Contact a Florida Divorce Attorney
If your spouse has said they want a divorce, it’s important to reach out to a skilled Boca Raton divorce attorney right away. The sooner you get an attorney involved, the sooner he or she can start researching your financial situation if there are concerns that your spouse may be hiding assets. Contact the Law Offices of Schwartz | White today to schedule an initial consultation.