He thought he was too clever. He had control of all the finances since they were married. Anticipating a divorce, he began funneling money out of their accounts and sending it to a friend. He did so in small amounts as to not draw attention. If he were ever asked, he would make something up. One story involved the creation of an online gambling account, to ostensibly say he gambled the money away – it was the latest fad.
When it comes to finding hidden assets, a professional may provide invaluable assistance. By understanding the various methods and tools available to help locate potential assets, professionals can assist their clients by identifying undisclosed financial holdings. Additionally, by conducting due diligence on all potential investments and sources of income, professionals can ensure their clients are getting the best return on their money.
Did you know that a considerable number of people in the US conceal assets from their spouses? It is not just married couples either, – business partners, litigants, even divorced parents often hide money or assets from one another for greed and financial gain.
The most important thing to remember when considering an asset search is that any information about finances – regardless of how innocuous it may seem – could prove instrumental in giving an examiner assistance.
Reasons for a Hidden Asset Search?
When going through a divorce, it is essential to know the financial status of both parties. Normally, both parties must provide a financial affidavit which discloses all known assets. A professional will ask a series of questions to better understand your individual case and the makeup and habits of the other party. One party may divest funds in the form of bank accounts, investments, real estate and vehicles. If so, it can impact the outcome of the divorce settlement negotiations. Don’t rule out a post-divorce search as it’s not uncommon for one party to feel that the heat is off, once the divorce is finalized.
Child Support or Alimony
When a spouse seeks support payments from the other, it is not uncommon for one party to fail to disclose increased earnings. Does their employer provide routine raises? Do they work off commission and has it been a good year for the industry they work in? Does the party responsible for payment have a new spouse or relationship? These are areas for consideration.
Lawsuits, lawsuits and more lawsuits – a common reason for requesting an asset search. Perhaps you are involved in a lawsuit and suspect that your opponent may be hiding assets to avoid paying damages. Or maybe you are acting as an attorney or legal guardian for someone who is embroiled in a legal battle and you want to make sure that all available resources are being used to secure a good outcome. Whatever the reason, being informed can show how to best proceed.
What if a relationship goes sour? It’s said that partnerships are created only to be dissolved. If one partner has primary financial control and is hesitant about disclosures, consider forensic investigative services, which may include a search for hidden assets. It’s not unusual for a partner to claim business assets are personal assets.
Is a hidden Asset Search Right for you?
Keep in mind that while a hidden asset search can be costly and time-consuming, it may also uncover valuable information on undisclosed assets that significantly increase the amount of money you receive in a settlement. In many cases, the time and costs associated with a hidden asset search are well worth it for the information they uncover. Conversely, it can be good money thrown after bad. Chances are, if you are reading this right now, it may help to consult a professional.
In the end, obtain all the information you can and discuss with legal counsel if an asset search could add value. By weighing the pros and cons, you can make an informed decision that is right for your unique situation.