How To Uncover Hidden Assets In Divorce
When getting a divorce in Leesburg, there are important issues pertaining to money and property that must be addressed. Financial disclosures provided by you and your spouse dictate the outcome of these proceedings. Hidden assets are a common issue in these cases and can jeopardize your rights in a divorce settlement. Our Leesburg divorce attorney explains more about why hidden assets matter and where to look in uncovering them.
Why Hidden Assets Matter In Divorce Proceedings
During Loudoun County divorce proceedings, the court will consider you and your spouse’s individual incomes and the amount of marital property you own in determining a reasonable settlement. To avoid having to divide property and assets with you, your spouse may attempt to hide them instead.
Hidden assets are a common problem in divorce proceedings and can impact your rights in regards to the following:
- Marital property division: You have the right to an equitable share of any homes, cars, household furnishings, personal belongings, money in financial accounts, and retirement benefits accumulated throughout your marriage. Hidden assets prevent a fair settlement.
- Spousal support: While you may be entitled to spousal support, otherwise referred to as alimony, hidden income reduces the amount you receive.
- Child support: Each party’s income and assets are used in determining child support. Hidden assets could impact not only your own quality of life but that of your children.
Where To Look For Hidden Assets When Getting A Divorce
Forbes advises that it is not uncommon for one spouse to attempt to hide assets from the other once a divorce petition is filed or even once your marriage begins to falter. For this reason, it is important to make a thorough inventory of all marital property and assets as soon as possible.
Be alert to any missing property or large withdrawals your spouse may make from joint bank accounts. Among the most common types of hidden assets in divorce and ways to uncover them include:
- Hidden property: Your spouse may attempt to hide property with relatives or friends or title things such as cars or rental properties in someone else’s name. Hidden receipts and online property records could provide important clues.
- Hidden income or business profits: Your spouse may lie about their income or have their employer withhold wages, bonuses, or commissions until after your divorce is final. Check past tax returns for income amounts and profits from businesses you may not be aware of.
- Hidden bank accounts: Check your mail and be alert for statements in your spouse’s name alone and from unfamiliar financial institutions.
- Hidden online assets: Websites, online channels, and cryptocurrency are all easy to hide. Conduct online searches and review credit card and bank statements to uncover transfers or monthly automatic debits.
Request A Consultation With Our Loudoun County Divorce Attorneys
If you suspect your spouse is hiding assets, reach out to Schwartz Kalina, PLLC. We uncover hidden assets in divorce, protecting your rights in a settlement. To request a confidential consultation, call or contact our Leesburg divorce attorneys online today.
Sources:
loudoun.gov/959/Divorce-Information
forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/?sh=3c7f350f6fd1
