Those preparing for divorce often have a lot of concerns to address. They worry about their living circumstances and their relationships as well as their finances. Many people fear the stress and conflict of divorce proceedings and may try to rush through the process.
Those who try to settle matters too quickly may put themselves at a disadvantage. If their spouse lied about their finances, they may have an uphill battle to fight if they want to pursue financial justice later. Those who successfully locate and value hidden assets before a divorce can prevent the misconduct of their spouse from continuing to harm them even after the marriage ends.
Getting direct copies of financial records
People who are willing to lie about their finances and hide resources might also falsify or alter financial records. Those who worry about the possibility of financial misconduct during a divorce may benefit from trying to gather financial records independently before asking their spouse for disclosures. They can then potentially find discrepancies between the two sets of documents.
Hiring a specialized financial professional
Most people preparing for complex divorces need the assistance of an attorney. Lawyers can advocate for them during negotiations and educate them about their rights under the law. Attorneys can also help review financial disclosures, but an outside financial professional can assist with that process.
Forensic accountants are particularly good at tracking income and resources. They can potentially identify signs that a spouse may have diverted income or could have hidden assets. They can also track and quantify potential dissipation of marital assets.
Reviewing personal property disclosures
People often try to hide high-value assets by excluding them from the inventory of property and debts they create during a divorce. It is often necessary to go over a spouse’s disclosure very carefully to make sure that they included all of their most valuable resources.
In cases where spouses do not disclose certain resources or consistently undervalued personal property, that can be an indicator that a more thorough review is necessary to obtain a fair property division decree. People need to find unreported assets and determine how much they are worth to hold their spouses accountable for financial obfuscation during divorce.
Expressing concerns about the potential of hidden assets to an attorney can help those preparing for divorce develop a strategy to protect themselves from financial misconduct. High-asset divorces, in particular, may motivate people to engage in unscrupulous financial behavior. Those who locate hidden assets can demand financial fairness during divorce.