When a divorce is inevitable, it’s unfortunately all too common for one spouse to begin to hide assets. This is especially prevalent in high-net worth couples but it can happen to anyone. According to one study completed in 2011, 31% of people who said they combined their finances with their spouse admitted to being deceptive about money.
These are startling statistics. If you’re going through a divorce and want to make sure you’re getting a fair share, make sure you’re working with an experienced family law attorney like Kendall Gkikas & Mitchell. Read on to learn some of the simple tips that can help you find hidden assets and then contact us at 909-482-1422 to schedule a consultation.
Start with tax returns
The first step is to take a look at the most recent tax return. Make sure you get a copy of the entire tax return. If they try to give you just a portion, then this is likely a sign that they’re hiding something. If you’re not familiar with what’s typically included on a tax return, and what might indicate hidden assets, either let us look through it or have your CPA do so.
What you’re looking for are types of income you weren’t expecting, deductions taken, and dividends and / or interest earned. Did they overpay the taxes? If so, you’ll want to make sure that overpayments are split between you.
Move on to business transactions
This only applies to a spouse who owns a business. Look at that company’s financials and keep an eye out for salaries for people who don’t exist, checks written from a business account to friends or family, strange expenditures that may indicate infidelity (like hotel trips, extra rent, etc.). Reconcile the income shown on the business accounts with the income your spouse reported.
Take a look at your computer
Does your spouse have additional bank accounts? This doesn’t have to be with a traditional bank, it could be through PayPal or a similar company. Look for apps on your spouse’s phone or in their browsing history. You have a right to know about any and all income your spouse has.
Check for hidden cash in your home
It may sound strange, but you’d be surprised to know how many people hide cash in their own home. They want to prevent their spouse from getting access to it during divorce litigation, but they want quick access to it. Look in the obvious spots, like under the mattress, as well as spots like pill containers, dress drawers, the pockets of suit jackets, behind art, etc.
An attorney is your best bet to find hidden assets
The reality is that at Kendall Gkikas & Mitchell we’ve been through many more divorce cases than you have. We know how and where spouses are likely to hide assets. When you choose us as your divorce attorneys, you can count on our most diligent work to uncover any hidden assets. Call us today at 909-482-1422 to learn more.
