“How can I tell if they have revealed all of their assets?” is a common concern. Tracking the other party’s revenue by following their paychecks to an account is possible. Things can get trickier if they are self-employed. The lawyers at The Harris Firm can help you with your divorce needs.
A few examples of this are:
- Providing financial support to a family member, whether through opening an account, requesting that they hold funds, or even transferring or claiming to have “sold” them something. Sending thousands of dollars to a relative out of the blue is sure to raise eyebrows unless you usually give them money.
- Your spouse will naturally be curious about what became of the cars you possess unless they are entirely unaware of their existence. Tools are assets that can get up and go independently. Do your research and physically inventory your assets before filing for divorce.
- Hiding insurance payouts, postponing wage hikes, withholding bonuses, etc. Make sure you are aware of when any insurance payouts are scheduled to be made.
- Putting treasures like jewelry, antiques, and collectibles in hiding or undervaluing them.
- Adding value to a company’s assets or liabilities. You will need to access the financial records and tax documents to find out what was spent. The deductions might be hiding thousands of dollars worth of fraud.
- Excessive spending or mounting debt. Outlandish claims for expenses are common when customers make budget lists. Alternatively, savings account deductions from wages. Review the paycheck stubs.
In what ways are the hidden assets revealed?
- Looking at expenses and figuring out where the money is going is where financial discovery comes in helpful. How much are they spending on splurges like restaurants, holidays, and plane tickets? It is common for people to attempt to cover up their spending from the marriage pot by writing it off as business expenditures and promising to reimburse them later. Make sure you also request the reimbursement statements.
- The household expenditures should be compared to the outgoings. Compare their $1,000 monthly grocery budget with their actual shopping spending. Do they coordinate?
- Legal paperwork about a job. Review all relevant employment paperwork if one party’s compensation is contingent upon meeting specific goals. You have the option to subpoena the HR records or depose the employer.
- Documents about taxes.
- You can use public records to learn about property transfers or see if your spouse owns real estate.
- Accounting for legal purposes. Hiring a forensic accountant means they will be on the lookout for any signs of accounting fraud. The cost may be justified if you investigate the validity of a company’s claimed expenses.