Californian residents across the board have a lot at stake financially when it comes to filing for divorce. Unfortunately, this might create a sensation of desperation in some people, causing them to go to extreme lengths in order to “preserve” their assets in any way they can.
FindLaw examines some ways to check for hidden assets during the proceedings of a divorce. This mainly includes dealing with voluntary and involuntary disclosures. Voluntary disclosures occur when a spouse willingly gives up information about assets and finances. Involuntary disclosure is a formal request for your spouse to do so, which they must comply with.
First, they suggest looking over all voluntary disclosures very carefully for veracity. FindLaw goes on to state that involuntary disclosure should be used when a spouse believes assets are being hidden, as this will allow a person to request formal documents like bank statements, tax filings, or trust documents to check for accuracy with records.
The Women’s Institute for Financial Education meanwhile gives a list of where to look for potential hidden assets. This can include:
- Custodial accounts
- Delayed raises or bonuses
- Unreported income
- Debt repayment
- Falsified salary pay
- Expenses for a new significant other
They even suggest checking for expensive new purchases like watches, art, or antiques because this could be a spouse’s way of hiding assets by translating it into physical goods.
Those who are dealing with the potential of hidden assets should pursue leads as quickly as possible. It’s always best to act fast in these situations.