Finding Hidden Assets In A Divorce
During a Florida divorce, marital assets are divided between spouses in a fair manner. This is because Florida is an equitable distribution state. Usually, the first step in dividing assets between spouses is creating a clear financial picture of all the assets that each owns. Once that is done, the assets will be categorized as “marital” or “separate.” In Florida, only marital property is subject to equitable distribution during a divorce. Unfortunately, sometimes, spouses try to hide assets during a divorce to avoid sharing them.
If you are worried that your spouse is hiding assets, you can take steps to discover the hidden assets so that you receive the share of assets you are entitled to. This article discusses how you can find hidden assets in a divorce.
Uncovering Hidden Assets in a Divorce
During a Florida divorce, divorcing spouses are required to provide all financial information before negotiations can start. It is crucial that you don’t assume your spouse has provided all the information they are required to provide. Some spouses hide assets during divorce, so it is vital that you conduct a thorough review to see that everything lines up. If you have suspicions that your spouse is hiding information, you should take action.
If you believe your spouse is hiding assets in a divorce, you should reach out to a skilled divorce attorney. Usually, to uncover hidden assets in a divorce, attorneys will, among other things, obtain certain documents. The following are some documents that a divorce attorney can help you locate that can help you find hidden assets;
- Loan applications. You need to disclose your assets and income when applying for a loan. If your spouse applied for a loan, reviewing the loan application can help you uncover hidden assets.
- Income tax returns. Many people are afraid of lying to the IRS in their income tax returns, and your spouse is likely one of these people. If you can obtain a copy of past years’ income tax returns and review them, you might be able to find hidden assets.
- Business records. If your spouse has a business, they could be using that business to hide assets. Typically, spouses use businesses to hide assets by undervaluing the business or reporting lower-than-actual business revenue. An attorney can help you find a financial expert that can help you evaluate your spouse’s business and determine if they are using their business to hide assets.
- Bank account statements. Bank account statements contain a lot of information about revenue, expenditures, and deposits/withdrawals, so when trying to uncover hidden assets, such statements can come in handy. For example, through a bank account statement, you might find that your spouse used marital funds to purchase a house in their name alone.
- Credit card statements. These can show you how your spouse spends their money. For example, an overpayment on a credit card might mean they are spending their money on an asset that belongs to you too.
Contact an Orlando Divorce Lawyer
If you believe your spouse is hiding assets in a divorce and need help uncovering the hidden assets, speak to an Orlando divorce lawyer at Arwani Law Firm.