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Divorce, Finances, and Hidden Assets: What You Need to Know | Allan Brandon Tise, PLLC, Attorney at Law
Jun 24, 2022
A divorce is not only a way to dissolve a marriage but is also a financial transaction. As you plan to divorce, your attorney will have you collect and provide variety of financial documents. The financial aspect of divorce is important to the asset division process. As soon as you know you will get a divorce, you need to obtain all key financial documents right away.
In some instances, these important documents may disappear, or you may lose access to them. For that reason, you need to act quickly. The following are some things to keep in mind as you gather your information.
Begin Obtaining Your Financial Records To ensure the asset division process is fair to all parties involved, you need to know as much as you can about your financial situation during your marriage. Many couples combine assets when they are married. In some cases, one party in the marriage is the primary financial record keeper and has easy access to this information. That leaves the other party out of the loop.
If you did not have involvement with your marital finances, you may not know where to begin looking for the information you need. To get started, you should obtain copies of certain records. Tax returns, bank statements, credit card statements, and credit reports are the first set of documents you need to get. You also should get a copy of your mortgage statement, copies of investment accounts, and copies of all non-term insurance policies.
You also need a list of your assets, including personal property and real estate. If you have debts or other liabilities, have copies of that information as well.
Search for Hidden Assets Sadly, some spouses may attempt to conceal or hide assets from the other spouse as a way to keep those assets for themselves. There are certain signs to look out for if you suspect your spouse has hidden assets from you.
First, look over your bank statements for odd bank or ATM withdrawals. It is not uncommon for one spouse or the other to withdraw cash for various expenses. However, you may begin to notice a pattern of withdrawals at certain time intervals or in certain amounts. If anything looks suspect, inform your attorney and they will look into the matter.
Next, check your credit reports. When you are married, you should be able to access credit reports for both of you. You might notice credit cards you never knew about. If you see credit accounts, this likely means your spouse purchased items without letting you know. In addition to hiding assets, opening credit accounts without letting the other spouse know could amount to fraud, especially if they opened the cards in both spouses' names. Not only is this possibly fraud, but it also means the unsuspecting spouse will be responsible for those debts in divorce.
Next, look at your tax documents. Most law-abiding citizens will not do anything on their taxes that will trigger an audit. However, tax documents can show if one partner is trying to hide money from their spouse.
For example, if one spouse has an investment account that accrued interest, they may have collected the interest without telling the other spouse. This is common especially when one spouse does not handle the tax forms.
Your attorney can help you comb through all your financial documents to ensure nothing is hidden from you during asset division.
A divorce is a long and complex process that requires the expertise of an attorney. If you need a divorce attorney or you have any questions about divorce, please contact us at Allan Brandon Tise, PLLC, Attorney at Law .
In some instances, these important documents may disappear, or you may lose access to them. For that reason, you need to act quickly. The following are some things to keep in mind as you gather your information.
Begin Obtaining Your Financial Records To ensure the asset division process is fair to all parties involved, you need to know as much as you can about your financial situation during your marriage. Many couples combine assets when they are married. In some cases, one party in the marriage is the primary financial record keeper and has easy access to this information. That leaves the other party out of the loop.
If you did not have involvement with your marital finances, you may not know where to begin looking for the information you need. To get started, you should obtain copies of certain records. Tax returns, bank statements, credit card statements, and credit reports are the first set of documents you need to get. You also should get a copy of your mortgage statement, copies of investment accounts, and copies of all non-term insurance policies.
You also need a list of your assets, including personal property and real estate. If you have debts or other liabilities, have copies of that information as well.
Search for Hidden Assets Sadly, some spouses may attempt to conceal or hide assets from the other spouse as a way to keep those assets for themselves. There are certain signs to look out for if you suspect your spouse has hidden assets from you.
First, look over your bank statements for odd bank or ATM withdrawals. It is not uncommon for one spouse or the other to withdraw cash for various expenses. However, you may begin to notice a pattern of withdrawals at certain time intervals or in certain amounts. If anything looks suspect, inform your attorney and they will look into the matter.
Next, check your credit reports. When you are married, you should be able to access credit reports for both of you. You might notice credit cards you never knew about. If you see credit accounts, this likely means your spouse purchased items without letting you know. In addition to hiding assets, opening credit accounts without letting the other spouse know could amount to fraud, especially if they opened the cards in both spouses' names. Not only is this possibly fraud, but it also means the unsuspecting spouse will be responsible for those debts in divorce.
Next, look at your tax documents. Most law-abiding citizens will not do anything on their taxes that will trigger an audit. However, tax documents can show if one partner is trying to hide money from their spouse.
For example, if one spouse has an investment account that accrued interest, they may have collected the interest without telling the other spouse. This is common especially when one spouse does not handle the tax forms.
Your attorney can help you comb through all your financial documents to ensure nothing is hidden from you during asset division.
A divorce is a long and complex process that requires the expertise of an attorney. If you need a divorce attorney or you have any questions about divorce, please contact us at Allan Brandon Tise, PLLC, Attorney at Law .
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