Discovering Hidden Wealth in a High-Value Divorce

Some divorcing couples already have a tough time of it without having to worry about their partners trying to keep money and property from them. Many people take such measures because they don’t have faith in the court’s ability to divide their assets fairly and want to make sure they get what they’re entitled to. The other partner is disadvantaged as a result. Learn how to find hidden assets to offer yourself the best shot at a new beginning following a divorce.
Data Relating to Money and Finances
Your Huntsville divorce lawyer will probably want copies of your spouse’s financial records if you suspect that he or she is trying to hide assets from you. This can be especially tricky in high-asset divorces because people with a lot of money often have it stashed in several different places. Nothing, however, is completely untraceable unless your spouse exclusively deals in cash, which is highly unlikely.
Bank statements and cancelled checks can be reviewed by your attorney or a forensic accountant for suspicious activity such as deposits to or withdrawals from unfamiliar accounts or huge cheques that cannot be explained.
Evidence for Taxes
Unreported wealth can be investigated with the use of tax records. Someone who is bold enough to try to conceal assets through a divorce is usually not bold enough to lie to the Internal Revenue Service about those same assets.
Their W2 tax form will detail their year pay, any bonuses they received, and any benefits they were eligible for. If your ex-spouse is arguing that bonuses shouldn’t count toward spousal support, this can be useful evidence to counter their position.
Your lawyer may also investigate potential tax refunds. Some people will knowingly overpay their taxes in anticipation of reimbursement before they finalise their divorce. This way, they can retain the extra money without having to divide it.
Contracts and other Legal Paperwork
As a result, business ownership plays a role in a disproportionate number of high-wealth divorces, thus providing another avenue for asset concealment. A forensic accountant’s examination of the company’s cash flow determines whether or not a business owner is trying to cheat the system. There may be unethical behaviour lurking if one spouse controls all aspects of money entering the household, including its receipt, documentation, and deposit.