Whenever you decide to get a divorce, its always a good idea to review your current financial situation. That way, you can go into your divorce armed with the information you need to resolve things quickly. Unfortunately, a lot of divorce cases result in a spouse hiding some of their assets in an attempt to retain them after the case is over. This is both unlawful and unethical, but it happens quite often. That’s why we’ve created the following article to help you find out what to do if your spouse is hiding money during a divorce. Connect with The Johnson Law Firm & Associates today if you need legal advice for your divorce or would like assistance in uncovering hidden assets.
1. Learn Which Assets Are Normally Hidden
The first thing to do if you think your spouse is trying to hide assets from you is to learn about which types of assets they might be hiding. Cash, stocks, insurance policies, annuities, and bonds are usually the most common assets that get hidden. That’s because they aren’t physical property, so they are easier to keep hidden. However, your spouse also might be hiding physical assets like jewelry, art, and other collectible items. Try to think through what assets your spouse might be trying to hide and create a list of potential things to discuss with a divorce lawyer.
2. Take a Look at All Financial Accounts
The next step is to review all of your financial accounts from the marriage in detail. Make sure you keep an eye out for large transfers and any unusual account activity. This usually means that your spouse is trying to convert things to cash or move money out of your accounts. The paper trail will usually lead you to find out whether or not any assets are being hidden by your spouse.
3. Use the Discovery Process
During a divorce, the discovery process allows you and your spouse to ask for any information and documents that are relevant to the divorce case. That means you can use the discovery process to find out if your spouse is potentially hiding assets. During the discovery process, you typically have more access to private information. You might be able to find things like records, documents, and contracts that lead you to find any hidden money or assets. Make sure you work with a great divorce attorney during the discovery process to leave no stone unturned.
4. Get a Court Order
If you are feeling frustrated or at a dead end, you can always go for a court order. With a court order, your spouse is legally obligated to disclose all of their property. This can help you find any hidden cash or assets because of the serious ramifications of your spouse not complying with a court order.
If you think your spouse is hiding cash during a divorce, reach out to The Johnson Law Firm & Associates for help today.