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Ways To Uncover Hidden Assets When Divorcing

Posted by Unknown | Oct 12, 2020 | 0 Comments

ways to uncover hidden assets when divorcing

Drama-Free Divorce can be your ideal partner if you are going through a divorce and looking for 'ways to uncover hidden assets when divorcing'. At Drama-Free Divorce, our commitment is to provide comprehensive guidance throughout this difficult process. We offer flexible financing starting at $500 per month to residents around Kansas City.

At our firm, our pricing structure has been designed to be transparent so there are no surprises or unpleasant surprises during legal proceedings. Our attorneys not only possess exceptional legal credentials, but they are also compassionate towards every case they handle and understand the emotional turmoil associated with such times.

Are you suspecting your spouse of hiding assets during divorce? Finding hidden assets during divorce can be a complex and time-consuming task, yet an essential process. In this article, we'll discuss how assets may be concealed during a divorce as well as seven strategies to discover these hidden assets in divorce. In addition, we will cover when to hire legal representation as well as selecting an ideal attorney - our firm being among them of course! - and action steps.


How Assets Are Hidden?

Some individuals turn to creative tactics for hiding assets so as to minimize what is owed their soon-to-be ex-spouse, including:

  • Underreporting Income: Underreporting income intentionally to reduce alimony and child support.
  • Transferring Assets: Transferring assets involves secretly giving money or property to family or friends without them knowing.
  • Storing Cash or Valuables: Hide cash or valuables in concealed places or safe deposit boxes to protect them.
  • Creating Fake Debts: Artificial debts are created in order to decrease the value of assets.
  • Undervaluing Assets: Underestimating the value of assets such as real estate or investments by underestimating their true worth.
  • Overpaying Debts: Paying additional amounts towards legitimate debts to reduce one's perceived wealth.
  • Utilize Offshore Accounts: If you want to hide money, transfer it into international accounts for safekeeping.


Penalties for Hiding Assets

Hiding assets during a divorce is unethical and illegal. Furthermore, the consequences can be serious and include:

  • Fines: Courts may impose fines.
  • Credibility Loss: Someone engaging in deceptive practices risks having their credibility diminished over time.
  • Asset Forfeiture: If one spouse fails to disclose all hidden assets to their other partner, the court can order all hidden assets to be dispersed to them by way of forfeiture proceedings.
  • Contempt of court:  Willful suppression of evidence can result in contempt charges and, possibly even prison time.


7 Ways to Uncover Hidden Assets During Divorce

Let's now examine seven methods that are proven effective at uncovering hidden assets during a divorce.

  1. Financial Statements: Carefully review financial statements to detect any discrepancies or gaps in data.
  2. Forensic Accounting: Retain a forensic accountant to locate hidden assets through careful financial analysis.
  3. Examine Past Tax Returns: Carefully review past tax returns to identify any unreported income or suspicious deductions that may have gone undeclared.
  4. Interview Witnesses: Speak to any friends, relatives, or coworkers who might know something about any hidden assets in your possession.
  5. Private Investigators: Retain a professional private investigator to collect evidence, such as uncovering hidden assets or offshore accounts.
  6. Depositions: Request depositions so that you can question your spouse under oath to reveal any assets hidden by him/her.
  7. Subpoenas: Use subpoenas as legal tools to collect bank records, business documents, and any other vital financial information.


Why hiring a divorce lawyer is better than not having one?

Though you can technically divorce without legal help, having one on your side offers many advantages.

  • Legal Experience: Attorneys have an in-depth knowledge of the intricate laws and regulations related to divorce proceedings.
  • Objective Perspective: Lawyers provide an objective perspective during emotionally charged moments.
  • Negotiation Skills: Professional negotiators have the experience needed to negotiate on your behalf for the optimal result.
  • Paperwork Management: Attorneys ensure all paperwork is filed timely and correctly.


When should you hire an attorney?

Hiring an attorney early can help protect your interests throughout the divorce proceedings. Consulting an attorney prior to starting negotiations will allow them to protect themselves effectively from day one.


What are the qualities of an effective lawyer?

Consider several aspects when selecting an attorney to represent you.

  • Experience: Choose an attorney with expertise in family and divorce law cases.
  • Reputation: Check online reviews or consult friends and family for their advice.
  • Compatibility: Make sure that your attorney and you can easily communicate.
  • Affordable: Be sure to discuss fees and payment plans early so they fit within your budget.


Why Choose Drama-Free Divorce?

Drama-Free Divorce specializes in divorce law and has an impressive record of success for our clients. We provide the following services:

  • We have an impressive roster of divorce lawyers. You will get only the finest representation possible when working with us.
  • We take great pride in our reputation of offering outstanding services and creating satisfied clients.
  • Communication with our attentive and approachable lawyers is straightforward and effortless.
  • Our flexible payment plans are tailored to suit any budget.


Suggestions for Action

If you suspect hidden assets in your divorce proceeding, take these steps:

  • Consult an experienced divorce law firm, such as our firm.
  • Gather all relevant financial documents.
  • Consider hiring a private investigator or forensic accountant.
  • Be ready for negotiations by gathering evidence.
  • Collaboration between you and your attorney should always be of primary importance.

Uncovering hidden assets is critical to securing an equitable divorce settlement, yet can be emotionally and mentally taxing. With proper strategies and legal representation, you can protect your financial interests. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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