Divorce can bring out the best and worst in people, and in some cases, spouses may attempt to hide assets to avoid splitting them fairly. If you suspect hidden assets in your divorce, you need to take proactive steps to uncover them. Knowing what to look for and how to proceed can help ensure a fair division of property.
Review financial documents thoroughly
Start by carefully reviewing all financial documents, including bank statements, tax returns, and credit card bills. Look for discrepancies, unusual transfers, or large purchases that seem out of the ordinary. Tax returns, in particular, can reveal income sources or assets that might otherwise go unnoticed. Scrutinizing these documents can often provide the first clues about hidden assets.
Request formal discovery
During the divorce process, you have the right to request formal discovery. This legal process allows you to obtain financial information from your spouse, including documents, account statements, and even written answers to specific questions. Tools like depositions or interrogatories can compel your spouse to disclose details about their finances.
In Tennessee, the court expects full disclosure, so if your spouse fails to cooperate, you can request the court to intervene and enforce compliance.
Work with financial experts
Sometimes, uncovering hidden assets requires the help of professionals. Forensic accountants specialize in analyzing financial records to detect hidden accounts, undisclosed income, or improperly valued property. Their expertise can uncover tactics like underreporting income, transferring funds to third parties, or overpaying taxes to receive a larger refund later.
Monitor for common red flags
Pay attention to signs of hidden assets, such as sudden changes in spending habits, secretive behavior, or opening new accounts without explanation. Assets may also be hidden through businesses, trusts, or offshore accounts. Staying vigilant can help you spot these tactics early.
Taking these steps helps ensure a fair division of assets and protects your financial future. The court takes hidden assets seriously, so gathering evidence and using available legal tools can work in your favor.