How Can I Prove that My Spouse is Concealing Assets in our Divorce Proceedings?

What If My Ex-Spouse Is Hiding Assets During Divorce?

One of the issues spouses must resolve during divorce is property division. Courts expect the involved parties to exchange financial information, also known as disclosures. Full disclosure of what each spouse owns is crucial in ensuring fair and equitable property distribution.

However, instances arise where one or both spouses may try to hide assets or misrepresent the value of their property to avoid division. Assets not included during disclosure can’t be divided, even if they are discovered after the divorce. If you believe or suspect that your spouse is hiding assets during divorce, consult skilled South Jordan family law attorneys.

They can evaluate the case circumstances and provide legal counsel on what you can do to protect your rights. Courts often take stern action against people found to be hiding assets during divorce, so you must take action to protect your rights and interests.

What Steps Should I Take to Uncover Hidden Assets?

Divorce can be physically, financially, socially, and emotionally challenging. The last thing you can expect is that your ex-spouse will further complicate the process. Nonetheless, if you suspect that your ex-spouse is hiding assets, you must take proactive steps to uncover this action.

The process may be challenging, but experienced divorce lawyers in South Jordan can work with you to increase the likelihood of a favorable outcome. Legal experts recommend doing the following:

Familiarize Yourself with Financial Matters

Understanding your family’s financial situation is crucial when uncovering hidden assets. An excellent place to start would be to collect all relevant financial documents, such as:

• Bank statements
• Investment portfolios
• Tax returns
• Retirement account statements
• Property records

Critically evaluate the assets you own jointly and those your ex owns separately. This knowledge is crucial in helping you identify any discrepancies that could indicate hidden assets.

Know Where to Check

While you may suspect that your ex-spouse is hiding assets, you may not be sure where to check or how to track them. South Jordan divorce attorneys advise that you check the following to uncover hidden assets:

• Friends and family: One common tactic people use when hiding assets during a divorce is temporarily transferring them to friends and family until the divorce process ends. Your ex-spouse may have done the same, so ensure you scrutinize transactions involving close associates.
• Tax returns: Reviewing your ex’s tax returns can provide valuable insights into their income levels and expenses incurred over the past few years. The information can be crucial in helping you track any large sums they may have transferred without disclosure during the divorce. Be particular about income and dividend activity and the sale of assets.
• Public records: Public property records are an example of public information that can help you uncover and prove hidden assets. This is crucial if your partner owns a business or has international investments that must be accounted for during the divorce proceedings.
• Spending habits: Tracking your ex-spouse’s spending habits is an effective way to uncover hidden assets. Frequent new or large purchases that don’t fit their everyday spending habits could indicate hidden assets. Frequent trips out of town, expensive vacations, or purchases of luxury goods are other signs to note.
• New accounts or property: Spouses trying to conceal assets during a divorce may open new accounts or acquire new property under a different name to hide assets. Let your South Jordan divorce attorneys help you investigate recent financial activity and property acquisitions to check if any assets have been concealed.
• Family business: If you have a shared family business, it’s vital to scrutinize the financial records to rule out the possibility of manipulating business income and expenses. Check that your ex-spouse has not been overpaying themselves or deferring revenue to conceal assets.
• Tax assessor’s office: Secret property ownership is a common avenue for hiding assets. A tax assessor can be invaluable in helping you reveal additional assets your ex owns, which you know nothing about.
• Crypto accounts: Your spouse may attempt to hide assets through digital assets such as cryptocurrencies. Consider engaging an experienced digital currency expert to help you track these transactions and investments for a thorough check.
• Loan applications: Applying for a business loan or mortgage requires that the borrower discloses their income and other financial assets to determine eligibility. You can evaluate your ex’s loan applications to uncover hidden assets.

How Do Hidden Assets Factors into a Divorce?

If hidden assets are excluded from the property division process, you may not get the actual valuation of the marital asset. If the court makes the final property division determination without accounting for these assets, you may not get a fair share of what you’re entitled to, which could disadvantage you.

You should hire skilled family law attorneys in South Jordan if you suspect your ex-spouse is hiding assets. They can engage the expertise of accountants and financial experts to help you do everything possible to discover hidden assets before it’s too late.

An Experienced Family Law Attorney Helping You Uncover Hidden Assets

Your ex-spouse may go to great lengths to hide assets they wish to exclude from the property division process, which is illegal. While uncovering hidden assets can be extremely difficult, skilled South Jordan divorce lawyers can help you with the investigations. Depending on the case specifics, they could get a search and seizure order to take the investigation further.

RCG Law Group is a reputable law firm with dedicated divorce lawyers in South Jordan. Our legal team has a track record in handling family law issues to ensure the most favorable outcome for our clients. Let us walk with you through the heartbreak of divorce and lead you to a better, brighter future. Call us at 385-503-3663 to schedule a FREE consultation.