The Top Ways to Find Hidden Income in a Divorceby William Dorsey (The Dorsey Law Firm)
Here are a few ways to detect if something seems off with your spouse’s income or list of assets.
1. Employ a divorce attorney
No divorce or situation is the same. While it may be helpful to lean on friends that have been through a divorce do not solely rely on them. Hire a qualified professional to help you with your divorce proceedings.
2. Recognize all marital assets
Do not wait for your spouse to supply your lawyer with a list of marital assets. Make your own list of any assets that were acquired during your marriage. Your lawyer will then be able to work through the list.
3. Check areas you spouse may not disclose to you
Many spouses get caught hiding money in their divorce. They think that they are clever and will avoid paying out the money if they just simply do not disclose the information. Below are all the areas that you should check for hidden money.
• Real Estate Rents
• Pending Tax Refunds
• Tax Over payments, Credits, or Carryovers
• Retirement Accounts and Retirement Plan Distributions
• Bonds in Name of “Bearer”
• Bank or Investment Accounts in Child, Friend, Family Member, or Business Partner’s Name
• Payments to Child, Friend, Family Member, or Business Partner’s Name
• Debt Repayments to Child, Friend, Family Member, or Business Partner’s Name
• Big gifts to Child, Friend, Family Member, or Business Partner’s Name
• Cash and/or Travelers’ Checks in Safe or Safe Deposit Box
• Skimming from Business
• Delayed Raise, Stock Option, or Bonus
• Delayed Closing of Lucrative Contract
• Time Shares
• Hidden Art, Jewelry, Antiques, and Other Collections
4. Get a full credit report
There are many areas that you are able to get a free credit report, but even if you have to pay a small amount in order to receive a full credit report than it will be well worth it.
5. Acquire any and all financial documents
The more financial documents that you are able to get your hands on the better. Financial documents such as income tax returns, credit reports, accountant work papers, loan applications, bank statements, investment statements, credit card receipts and statements, ATM statements, pay stubs, and financial statements can greatly assist your lawyer. You have a right to compensation information from your spouse’s human resource department.
6. Learn to track public records on the web
Conduct an online search of your spouse’s name and see if anything may pop-up in public record that you were not aware of.
7. Create a list of people that may potentially help your spouse
Make sure to thoroughly check anyone who may try to assist your spouse in covering up some money. This could include anyone that your spouse may trust enough to assist with their money.
Where to Get Help
If you are considering legal separation or divorce, it is in your best interest to get qualified legal assistance from a licensed divorce attorney. Your attorney will guide you through the process; answer your questions; and advocate for your legal rights, financial, and emotional well-being and that of your children.