How to Uncover Hidden Assets in Divorce

Post on: 25 Декабрь, 2016 No Comment

How to Uncover Hidden Assets in Divorce

Anyone who has been divorced will tell you that asset division is one of the most stressful and emotionally charged aspects of the divorce process. During asset division, spouses must agree on how to divide their property, debts, and monetary assets. Spouses frequently experience distrust and suspicion during this process, and this is because one spouse sometimes tries to hide assets from the other.

Arizona is a community property state, and this means that wages and earnings acquired during the course of marriage are accepted as equal property by both spouses. The few exceptions to this rule include property that is owned by one spouse prior to marriage or property that one spouse received as a gift or through a will or inheritance. The same rules apply to debt that is incurred throughout a marriage.

Unless both couples agree differently, all assets and property will be divided equally when they divorce. Inevitably, there always seems to be one party who feels like he or she is not getting their fair share. This can be for a number of reasons, especially when a spouse feels like the other is hiding assets and funds. Hidden assets refers to items with a monetary value or money that can be kept in undisclosed locations or transferred to another person for a period of time in order to avoid discovery, with the intention of transferring it back at a later time.

From deposit boxes to bank accounts, stocks, savings bonds, real estate, costly collectibles and more, almost anything that has value can become a hidden asset during the divorce process. If one spouse owns a business, he or she may try to keep cash from the other spouse by paying family members or friends, paying employees who don�t exist, and other roundabout methods. This can be extremely frustrating for the other spouse who is being unfairly excluded from the assets they deserve and even worked for.

If you think that your spouse is hiding assets from you during your divorce settlement, you should contact an attorney who can represent your rights and investigate this matter thoroughly. The right attorney for your case will know of private investigators and forensic accountants who can review the spending practices and finances of your spouse in order to uncover any foul play. The hunt usually begins by looking through key documents and financial records to make a list of questionable activities or transactions. Documents such as individual income tax returns, W-2s, investment schedules, and personal financial statements provided to banks, disability statements, credit card statements and employment contracts can all be investigated.

One of the major tools used to uncover hidden assets is a lifestyle analysis. Through this analysis, the spouse�s reported income will be compared to his or her documented expenses and overall lifestyle. For example, if a spouse who is a business owner reports earning $40,000 in business income but continually makes substantial purchases, drives luxury automobiles, and goes on excessive vacations, their income is clearly not enough to support their lifestyle. This type of analysis can be very useful in proving that the spouse is hiding assets and property.

To start this kind of investigation, contact a divorce attorney who you can trust to act in your best interests. The team of skilled attorneys at The Wallin Law Firm has handled many divorce cases of this nature in the Phoenix area, and can provide you with the assistance you need. Once hidden assets have been discovered, you can present the proof and data you have collected in order to ensure that you have a fair property settlement at the end of your divorce. This can be a huge burden during this time, but an attorney can take this responsibility and manage your divorce throughout every step of the way.

ABOUT THE AUTHOR: The Wallin Law Firm

The Wallin Law Firm has been serving individuals and families throughout the Phoenix area for over 25 years. Those who are dealing with a family law matter or are looking to end their marriage can find the compassionate help and reliable legal representation they need when they contact The Wallin Firm. Along with the separation of spouses, there are numerous other issues that must be addressed before a divorce can be finalized. From child custody decisions to spousal support and modifications in the future, an attorney from the firm will devote both time and attention to resolve your case in a timely manner. Contact a Phoenix divorce attorney at the firm today to learn how you can protect your rights and your future.

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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.

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