You lived with that scoundrel long enough to know when he is lying. You know that your soon-to-be ex husband is hiding assets, but you don't know where or how. If he gets caught, he could be subject to penalties including case dismissal, fines, or even incarceration — but you have to catch him first. Here are two places your ex might be hiding assets and how your divorce attorney can help:
1: Undervaluing Property or Accounts
As soon as divorce proceedings are underway, you and your future ex will be asked to fill out a financial affidavit detailing your assets, expenses, liabilities, and gross income. After the court has a better idea of your financial picture, your assets and liabilities will be subject to even distribution between both parties. Unfortunately, some dishonest exes decide to undervalue property or accounts so they can keep the better half of the loot. Here are a few ways people do this and how your lawyer might spot problems:
- Collections: Your spouse's obsession with baseball cards, coins, or rare plates might not seem important, but if any of those prized items are valuable, you might want your fair share. Ask your lawyer to request appraisals for collections so you can make sure the value is reported in his assets.
- Real Estate: If your ex owns property in another place, make sure the valuation is up-to-date. If he is citing an appraisal that was conducted ten years ago, that house might be worth more now.
- Retirement Accounts: Have your lawyer use account statements to verify the current balance on retirement and investment accounts. Some people try to hide nest eggs by showing old account balances or citing outdated interest rates.
- Stocks: If your future ex likes to play the stock market, keep tabs on the current stock price. If a company starts doing well and the stock price increases, he might try to hide his new-found cash. Also, keep in mind that some companies reward their employees with stock options. If you know that your spouse is due for his yearly bonus, ask your lawyer to check for additional stock certificates.
The financial disclosure process might seem grueling, but it is crucial to your overall success in the courtroom. If you can uncover all of your ex husband's assets, you might be awarded a better settlement.
2: With A Friend or Family Member
Since gifts can't be easily recollected and divided up in divorce court, your future ex might be tempted to "give" money or objects to a friend or family member only to collect it down the road. Fortunately, your attorney can check for these things which might signal wrongdoing:
- Financial Transactions: Your lawyer can carefully review financial records to look for things like balance transfers, cash withdrawals, and large purchases. Once a strange transaction is spotted, your lawyer can follow the trail of paperwork to find out where the money went.
- Statements: If you suspect that your ex gave money or possessions to another person, your lawyer can subpoena that individual to make a statement under oath. In addition to potentially uncovering hidden assets, this action could incriminate the helper and undermine their testimony about your honest, caring spouse.
- Social Media: Social media is surging in the courtroom, with 81 percent of matrimonial lawyers reporting an increase in online divorce evidence. Your lawyer can use social media statements to uncover suspect behavior that might indicate hidden assets. For example, lawyers might check for pictures of friends or family members using hidden assets like cars or jewelry.
By working with an attorney, you can uncover the full scope of your marital financial picture, so that your divorce settlement is fair.
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