Discovering Hidden Assets During Divorce
DuPage County High Asset and Complex Divorce Lawyers
Divorce is difficult under any circumstances. Many factors must be determined when ending a marriage that are often taxing and emotional for both parties. We often hear of difficulties determining child support, custody and spousal support. However, one of the most confrontational aspects of divorce can be the division of shared assets.
In order to determine how the assets will be divided, all the marital assets must first be established. Some couples will honestly disclose all monies, bank accounts, properties, debts and other assets that they possess. However, this is not the reality in all divorce situations. Unfortunately, divorce can bring out the worst in people and some individuals may attempt to hide assets from their spouses.
Types of Hidden Assets
There are many types of assets that must be divided in divorce, ranging from bank accounts to homes. If you suspect that your spouse may be hiding assets, there are certain commonly concealed or misreported assets to be aware of, including:
- Bank accounts (including accounts in another person's name or even your child's name)
- Offshore accounts
- Foreign assets
- Retirement accounts (such as 401ks, IRAs, pensions)
- Stocks and bonds
- Debt (including credit card debt)
- Business account records
- Collectables (jewelry, artwork, antiques)
- Real estate
The divorcing parties must be able to prove the existence of any hidden assets in order to have that property divided. If you fear your spouse is concealing assets, it is important to gather any financial information you are able to, such as bank statements, credit card statements, brokerage statements, tax returns and any other financial statements.
How Hidden Assets Factor into a Divorce
The problem with hidden assets is that if they are not disclosed, they may not be included when establishing the full value of marital assets to be divided between spouses. This is why it is so important to do everything possible to discover any assets, including assets that the other party may not have disclosed, including issuing subpoenas, conducting depositions, issuing all necessary discovery requests and carefully scrutinizing the financial history.
Your spouse may have gone to great lengths to hide his or her assets, and it may be difficult to discover everything on your own. A divorce attorney experienced in property division issues will be able to conduct research on their own and with the help of experts, including forensic accountants, to research hidden assets, property holdings and other financial information that you should be entitled to during property division. The family law attorneys at Andrew Cores Family Law Group can help you understand the divorce process and assist you in researching and investigating potential hidden assets to protect your future interests.