Divorce can be a difficult and emotional time for everyone involved. One of the most contentious issues during a divorce is often the division of assets. It can be challenging to divide the assets, especially when one spouse hides assets from the other.
There are two types of assets of concern during a separation: marital property and separate property. Marital property includes any assets acquired during the marriage, while separate property includes assets acquired before the marriage or through inheritance or gift. All marital property should be brought to the table before asset division begins.
Look for discrepancies in financial records
One of the most effective ways to discover hidden assets is by looking for discrepancies in financial records. This can include bank statements, tax returns and credit card statements. Look for unusual deposits or withdrawals and any transfers to offshore accounts or other suspicious activity. If you notice any discrepancies, you should immediately bring them to your support system’s attention.
Engage a forensic accountant
If you suspect your spouse is hiding assets, you may want to consider engaging a forensic accountant. The financial expert can help you investigate financial records to identify any hidden assets. They can also provide expert testimony in court, which is helpful if your case goes to trial.
Conduct a deposition
Another way to discover hidden assets is by conducting a deposition. A deposition is a formal statement taken under oath, which can be used as evidence in court. During a deposition, you can ask your spouse about their financial situation and any assets they may be hiding. If your spouse lies during the deposition, they can be charged with perjury.
Divorce can be a complicated and emotional process, especially when it comes to the division of assets. If you suspect your spouse is hiding assets, it’s important to take action to protect your financial interests. Following the tips outlined in this article may increase your chances of receiving a fair settlement.