Beware Of The Many Ways Your Ex Might Be Hiding Assets

When you suspect that your spouse is hiding assets, take action as soon as possible. If you do not take action immediately, your assets may be irrecoverable. Therefore, you will want to become aggressive by retaining a family lawyer who will help you track down your spouse's assets. 

Conduct a Thorough Account Investigation

You will want to search for basic details on the accounts that your partner has such as the name of each bank account your partner owns and where safe deposit boxes are located. Write down any account numbers you can find.

If you have any joint accounts, review the statements to find out if there are more frequent deductions than usual. You may notice that an account or investment fund was closed suddenly. You may notice that bank statements no longer come in the mail.

Investigate Your Partner's Income Streams

In most cases, the primary income stream will be your partner's employer. You will be able to contact the corporate office to obtain any relevant information. However, you may have more problems with uncovering a paper trail when your spouse is self-employed, works under the table, or has other income streams.

Your attorney may need to hire a private investigator. A private investigator will seek out, analyze, and verify information using a series of tactics.

Beware of Subtle Tricks

There are unfortunately several tricks that parties to a divorce might make that might be warning signs that your partner is trying to hide assets. For example, your partner might overpay a credit account or may overpay their taxes.

Your partner might make unusual purchases such as buying expensive antiques. Also, technologies that have not existed in the past, such as cryptocurrencies, might provide your partner with more opportunities to hide assets. 

Less subtle is when your partner attempts to set up an entire dummy business simply as a way to hide assets. Your partner might also give a loan to a friend or family member and then forgive the loan or ask for the loan to be paid back after your divorce is over.

Know the Legal Options for Retaliation

Fortunately, there are legal ways you can retaliate against your partner for hiding assets during a divorce. Speak with your lawyer about how the courts punish your partner for hiding assets such as fining your partner. You may also receive a higher percentage of your marital assets.

To learn more, contact a lawyer that works in family law.