People who believe all is fair in love and war may not have spouses who hide assets from them. Unfortunately, this often happens. In fact, hidden assets exist in approximately two-thirds of marriages.
However, when a time comes, and you decide to get out of your marriage, you deserve to get a fair share of the assets. But what should you do if you suspect your spouse is hiding assets? Below are a few ways you can uncover hidden assets during a divorce.
1. Use the formal discovery process
The easiest way to obtain information about any hidden assets is through the formal discovery process. During discovery, you can subpoena documents such as financial statements, bank account records, tax returns and more. Remember to carefully review financial statements since your spouse may exaggerate a debt to diminish their assets.
You can also request an inspection demand allowing you to inspect your spouse's property, including their safety deposit box.
2. Follow the money trail
If your spouse withdrew a substantial amount of money, it's important that you find out how the money was spent and even talk with the vendors. Ensure that you also review all accounts and transactions involving substantial amounts of money.
3. Review business records
If your spouse owns a business, make a point to review all business records to uncover any hidden assets. It's possible that your spouse may be hiding their income and assets or even paying fraudulent loans that are secretly paid back to them through the business.
4. Search public records
Simply searching public records can help you discover vehicles, real estate, and other properties your spouse may have purchased behind your back.
It's not uncommon for divorcing couples to hide money and assets from each other. Therefore, if you suspect your spouse is hiding assets, you should consider seeking financial and legal guidance to help protect your interests.