One of the first questions that divorcing couples have to face is how to split up the assets they’ve acquired during their marriage. Many times, this is a fairly straightforward process, but things may get more difficult and confusing if one spouse is attempting to hide assets in order not to have them considered part of the marital property. There are several ways for Florida residents to determine if their spouse is trying to hide assets from them during a divorce.
At the beginning of the discovery process, each person will have to turn over certain documents to the other. An individual should start by carefully checking over these documents, which will include items such as bank statements, real estate holdings and credit card accounts. It’s important to look for any discrepancies between the stated and actual value. Claiming something is worth less than it is one way to try to hide money. Self-employed spouses may try to hide money in the business by claiming to make less than they actually do.
Another method of finding hidden assets is through involuntary disclosures, also known as interrogatories. Through this process, a spouse can be forced to turn over tax returns, lien information, estate documents or other documents that can be used to determine if they are trying to hide assets It helps to know what to look for, so doing a little sleuthing may be necessary. With everyone posting so much information on social media, looking through old posts can be a good place to start. Finding pictures of expensive purchases or vacations posted by a spouse claiming to be impoverished can be enlightening.
High-assets divorces can be complicated. Ultimately, a forensic accountant may be necessary to find hidden assets and ensure that property division is fair. An experienced attorney may be able to help navigate these issues and ensure an equitable outcome.