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3 Steps To Find Hidden Finances In Your Divorce

23 June 2015 by Richard Ramirez

In an ideal divorce, both parties are open about assets and debts so that the division of each is fair. Unfortunately, this does not always happen. If you suspect your spouse is hiding assets from you, here is what you need to do. 

Ask for Financial Records

Fortunately, if you know what to look for, you can usually find hidden assets in the financial records you receive from your spouse. To ensure that you have the best chance for finding hidden assets, you need to ask for records, such as: 

• Paycheck statements
• Bank account statements
• Retirement fund statements
• Tax returns for the last five years
• Credit card and loan statements and applications

In the event that your spouse is reluctant to turn over the requested documentation, a divorce attorney, like those at Granowitz, White & Weber Attorneys at Law, can file a motion with the court to force him or her to provide the documents. Once you have the documents, it is time to start examining them. 

Thoroughly Review the Tax Returns

Even if your spouse is hiding assets from you, there is one entity from which he or she cannot hide. The Internal Revenue Service requires complete honesty when it comes to filing tax documents and your spouse is not exempt from doing so. Although you might have seen the returns in the past, you need to closely look at certain areas for clues that there are hidden assets. 

For instance, look at the interest income section of the tax return. Legally, any investment that generates at least $10 in interest during the 2014 tax year has to provide your spouse with a 1099-INT. Your spouse is then required to enter that amount on his or her tax return. If you notice that interest income was reported, but your spouse failed to mention any interest generating income, this could possibly be from a hidden asset. 

Look at the Paycheck Statements

Your spouse's paycheck statements could be filled with clues regarding hidden assets. For instance, if you notice that your spouse is not receiving bonuses or commission payments that he or she has received in the past, it is possible that your spouse is deferring those payments. With a deferment, your spouse could elect to receive those payments once the divorce is complete. 

Your attorney has experience looking for clues to hidden assets. He or she will also know exactly which documents to ask for to find those assets. If you do not have legal counsel yet, consult with an attorney as soon as possible.

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