Sometimes, people hide assets from their spouses or otherwise do not disclose them in their divorce proceedings to avoid sharing them in a property division settlement. Although you built your shared property up together during your marriage, your spouse may think he or she deserves a greater share if you decide to divorce.
Knowing where to look for potential hidden assets may help you uncover them before the court finalizes your divorce settlement.
According to Forbes.com, to find hidden assets during a divorce, you should review your mortgage loan documents. To obtain such a line of credit, you and your spouse had to list all your sources of income, as well as all your assets and liabilities. Therefore, in looking over such documentation, you may identify the information your spouse did not report to you or the court.
Home hiding places
During your marriage, you and your spouse may have stored important documents, assets or other such items in safe deposit boxes, safes or hiding places in your home. When searching for hidden property then, you should remember to check these spots for things you may have forgotten about or assets your spouse was attempting to conceal.
Previous tax returns
Past years’ tax returns often provide a plethora of information that may help you find hidden assets. Reviewing your itemized deductions, interest and dividends, profits and losses from a business, capital gains and losses, and supplemental income and losses sometimes aid in identifying new assets or highlights the disappearance of previously disclosed properties.
At the end of your marriage, you and your spouse may not see eye-to-eye on what shared property each of you deserves to walk away with. Gathering as much information as possible before your court proceedings may help ensure that you receive an equitable share of the assets you accumulated together.