It is no secret that divorce can be a lengthy and costly process, and if you are going through it, you would wish for the procedure to flow as smoothly as possible. Unfortunately, some circumstances can block you from realizing that wish, one of which is hidden assets.
But more than the extra resources you will have to spend, a more pressing issue is the possible deprivation of your fair and equitable share if you fail to uncover hidden assets in your divorce.
If you suspect your soon-to-be ex-spouse to be concealing assets, here are ways to establish your suspicion.
Find clues in documents
The law requires divorce parties to disclose all of their finances and other material facts to the case in a timely manner. If your spouse has properly and honestly disclosed their finances in court, their statement should check out with their financial documents. Otherwise, they may be concealing properties without your knowledge. Documents you can review are income tax returns, pay slips, bank statements and company balance sheets, among others.
Check their lifestyle
Like the previous method, you can check if your spouse’s disclosure statement matches their current lifestyle. You can check their real properties, businesses and even their social media accounts for luxurious purchases and travels. If it looks like they are spending more than what they can afford based on their disclosure statement, they may be hiding assets.
Hiring a forensic accountant
Property division is already complex, and uncovering hidden assets may be too much for you. Moreover, some financial and accounting documents may not be easily accessible to a regular person. Experts like forensic accountants know how to locate hidden assets. They can look into offshore accounts, structured investments and other possible hiding locations.
Uncovering hidden assets is tough work, but it is an essential process to protect your property rights. Knowing the ways to discover hidden assets can help you defend your fair share during the divorce.