Divorce isn’t known for being easy or amicable, for that matter. When a marriage falls apart, there are often heightened emotions, and sometimes regrettable decisions are made during the divorce process. Unfortunately, some spouses may try to hide assets in an attempt to avoid sharing it with their soon-to-be ex partner.
6 Places a Spouse May Hide Assets
Antiques, artwork, or hobby equipment
Unreported income on tax returns and financial statements
Cash in the form of travelers’ checks
An account under a child’s name
Phony debt repayment to a friend
Retirement accounts that you are unaware of
These are only a few examples in which a spouse may disguise marital property. However, through a powerful legal tool, called “discovery,” divorcing couples can uncover hidden assets.
Uncovering Hidden Assets
Shortly after the divorce paperwork is initiated, the spouses will exchange information so each party can get a full picture of each one’s economic, financial, and personal situations. This exchange is called the discovery process. The goal is to reveal the extent of property ownership, debt, and income to ensure that assets are divided fairly in the divorce. If you believe your spouse could be hiding assets, you should bring it up to your attorney so that you can work together in uncovering them.
Document demands. You can request certain documents from your spouse, including tax returns, loan applications, and account records.
Interrogatories. Through this discovery tool, you would send written questions to the other party, which must be answered under oath.
Inspection demands. This would allow you to inspect property to use as evidence, such as a safe deposit box.
Testimony given under oath. In a deposition, you, your spouse, and the lawyers involved would appear for an in-person questioning. The person who is being questioned must answer under oath.
Our attorneys are prepared to protect your interests in your divorce and guide you through the divorce process.
Contact Law Offices of Jonathan Merel, P.C. at (312) 487-2795 to get started on a free 20-minute consultation with one of our divorce attorneys today.