Finding Your Spouse’s Hidden Income and Assets

During divorce proceedings both spouses have a legal obligation to fully disclose all income and assets. Many people facing divorce fail to disclose significant items either by accident, on the advice of their attorneys or intentionally for their own gain.

In order to receive a fair divorce ruling it is necessary to discover these hidden assets and sources of income. Common hidden assets include:

• Antiques
• Collectables (such as coins or stamps)
• Artwork
• Unreported income
• Patents, copyrights and royalties
• Tax refunds
• Traveler’s checks
• Bank accounts set up in a child’s name
• Series EE savings bonds
• Secret retirement accounts
• Security deposits
• Fake debts to friends
• Agreement with an employer to delay bonuses and other benefits until a later date
• Expenses for a boyfriend or girlfriend
• Frequent flyer miles
• Time shares

There are a number of methods that you and/or your attorney can employ in order to discover hidden assets. It may even be necessary to hire a forensic accountant or a private investigator. Records to look into include:

• Tax returns
• Bank records
• Credit card statements
• Stock records
• Credit reports
• Financial statements
• Loan applications
• Real estate records
• Motor vehicle registries
• Financial records of any businesses owned

It is important to have the help of an experienced divorce attorney when reviewing these records. Specific patterns in bank withdrawals or credit card statements, can be difficult to detect, but can indicate that money or assets have been hidden. Certain items on tax returns, such as interest income, can point to hidden property. It is difficult to search for hidden asset if you do not know what you are looking for, but to the trained eye, these records can appear almost as a clear roadmap to hidden wealth.

If you are faced with or considering a divorce, contact an experienced divorce attorney right away.