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Searching for hidden assets in divorce

North Carolina residents thinking about a divorce may be concerned about finding all the assets the couple may have. Equitable distribution is one of the top concerns many have about their divorce. However, being sure that all assets are known can be difficult in some marriages. Those with concerns about property distribution may find important information in the following places.

One of the most fruitful places to look is often tax returns. Information about income, profits from a business and financial gains from investments can be found on tax forms. The information off these documents can help provide a clearer view of a couple's financial situation.

Bank and other financial statements may also provide a wealth of information. They can show recent purchases or transfers of money that a spouse may use to attempt to hide assets. It may also be possible to uncover previously unknown or offshore bank accounts with data from bank statements. A similar source of information is loan applications. In most cases, people present the most favorable view of their finances possible on loan applications to secure a more favorable interest rate. Using the information present on these applications may bring unknown sources of income or assets to light.

Getting the best divorce settlement possible can be an extremely important part of getting a good start in one's post-divorce life. Ensuring that all assets and sources of income are identified and accounted for in the settlement is an important part of that process. However, in some marriages, one spouse may have taken the responsibility of keeping up the couple's finances, making it difficult for the other spouse to have full knowledge of the finances. A divorce attorney may be able to help those with these concerns find all the information they need to help negotiate a fair settlement.

Source: NJBIZ, "Industry Insights: Discovering hidden assets in divorce", Angela Scafuri, April 21, 2014

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