Divorce can be complicated, especially when you are dealing with a high net worth and a spouse who has attempted to hide assets. Though it is difficult to keep financial secrets from your spouse these days, it does not stop people from trying. According to a report by CreditCards.com, nearly 15 million adults have a credit card or bank account that their live-in partner does not know about. Though it can be tempting to hide assets from one’s spouse during a divorce, it is not a good idea - in fact, it is illegal. If you think your spouse may be concealing financial resources during your divorce, here are five ways you can begin looking for hidden assets:
1. Look at Tax Returns
The first place you should begin looking for hidden assets is in your taxes. Income tax returns from at last the past five years are a good place to start. Look at where income has been coming from, whether that be your spouse’s job, interest, dividends, or capital gains or losses. If something seems off on the tax return, talk to your attorney about it.
2. Check Bank Statements
Another place to look could be bank or credit card statements. When examining these statements, you should look for any large transfers or withdrawals, especially patterns such as regular transfers or withdrawals of small amounts of money. Look for any payments made to family members or friends or custodial accounts for children. Also, look for any ATM withdrawals and note the amounts withdrawn - are these normal spending habits, or could they be an indication that your spouse is withdrawing and concealing marital funds?
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