Unfortunately, in a high net worth divorce, hidden assets are common. Hiding can be done slyly and creatively. An employer may delay payment of a bonus. Assets may be surreptitiously transferred to friends or relatives. It may appear that money has been paid for business services or goods that in fact were never actually purchased. If you think your spouse has hidden assets, here are five smart and ethical strategies that you can use to track them down and ensure a fair and equitable resolution.
- Retain an Attorney Experienced in High Asset Divorces.
An attorney who has worked extensively on high asset divorce cases will know how to use technology and experts to track down hidden assets. He or she will also know the privacy laws and the limits placed on your efforts to find the assets. A forensic accountant may be called in to assist. Especially if you have not been actively and directly involved in the management of marital assets or property – or if your spouse has complicated business interests and partners that you don’t understand or know well – it helps to rely on those who have handled similar separations successfully.
- Analyze Income Tax Returns.
These documents can provide a wealth of information about your collective assets, and they can also lead to the discovery of interest and income that you may not have known existed. For example, you may see real estate taxes paid on real estate your partner purchased or held. Or you may discover evidence of a previously unknown overseas account.
- Go Through Canceled Checks.
Get copies of the front and back of all canceled checks and electronic payments. Note who was paid and the account to which the check was deposited. This process may provide clues about what your spouse purchased or lead you to other secret investments that he or she made.
- Search Public Records.
Experts know how to search all public records beginning with the County Records Office for property records. The records will show real property owned, its exact location, what its assessed value is, who the mortgage lender is along with other valuable information. The records may show a quitclaim deed transferring property to a friend or relative, which is a common way spouses try to hide assets. State records provide extensive information about corporations, vehicles owned and more.
- Lifestyle Evaluation.
What if one party spends money lavishly on expensive clothes and high-profile automobiles, for example, but the reported income is insufficient to support such purchases? That scenario might indicate that hidden money is being used to buy these luxury items.
Going Through a Divorce? Identify Hidden Assets with Our Help
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Matt Kurylo
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