When going through a high-asset divorce, you need to know what hidden assets might pop up. Courts require fairness, but some items can slip under the radar. Knowing what to look for helps you protect your share.
How do hidden assets arise?
Hidden assets often appear when one spouse tries to conceal wealth. This happens through unreported income, fraud, or shifting money to avoid division. Missing these assets can leave you with less than your fair share.
Watch for complex financial structures
You should examine trusts, shell companies, and corporate entities. These structures can hide ownership or transfers. For example, transferring funds to a family member’s trust or using a business account for personal expenses are common signs.
Consider offshore accounts
Some couples hide assets by keeping them in offshore accounts. You need to trace any international transfers or accounts outside your primary financial institutions. Even a small account abroad can reduce your marital estate significantly.
Look beyond bank statements
Don’t limit your search to bank accounts. Hidden assets can include valuable collectibles or undisclosed real estate. Ask for appraisals and audit logs to uncover these less obvious holdings.
Use forensic accounting tools
You can work with an accountant to perform a forensic audit. They follow the money trail and document discrepancies. This process often reveals hidden transfers or misreported income that you might otherwise miss.
What you can do now
Stay involved in the financial review process. Ask for documentation and question any unexplained transactions. If the other spouse resists, you can request court intervention. Remember, courts require full disclosure to achieve a just distribution.
You deserve to see the full financial picture. If you suspect hidden assets, raise the issue early. Talk to your legal and financial team about forensic audits and depositions. Staying proactive helps you safeguard your interests during a high-asset divorce.