Even in the best of circumstances, a divorce can quickly become a complicated process. While the elements of a marriage are unique, there are often common factors that can add layers of complexity. From determining a parenting plan to agreeing to future debt responsibility, the divorcing couple must navigate numerous obstacles. Unfortunately, certain past behaviors can add even more challenges.
For example, it is not uncommon for one spouse to hide assets or artificially inflate debts when sharing information with the other spouse. Whether this occurs as a prelude to divorce, or one spouse simply makes this a habit, hidden assets can wreak havoc on the property division section of the divorce process.
Fortunately, a thorough investigation can uncover numerous types of hidden assets. There are several methods to follow, including:
- An examination of bank account records: Many spouses will try to secret cash away from the other spouse. By examining ATM withdrawals, cash transfers or mysterious checks, it is possible to uncover these cash movements.
- An examination of credit card records: Like the bank account records, it is possible to uncover cash advances or even payments to close friends hidden as debts.
- An examination of a tax return: While an individual might attempt to hide assets or property from their spouse, they are worried about the ramifications of doing so when the IRS is involved. Often, the tax return documents can shed light on assets, income or business accounts that one spouse hid from the other.
Whether it is by secreting away cash or hiding various forms of income, it is not uncommon for one divorcing spouse to attempt to hide assets from the other. With the aid of an experienced family law attorney, the spouse can thoroughly investigate the marital assets and debts to ensure a proper division is reached.