Finding hidden assets in a divorce

On Behalf of | Jul 6, 2020 | Divorce |

One serious problem that can arise when a couple in Ohio gets a divorce is that one person might attempt to hide assets from the other. It can be difficult to uncover these hidden assets. Some people might not have been involved in the family finances for years and may not know how much they have or are supposed to have.

It is best if a person can begin learning about their finances before discussing divorce with the spouse. There are usually two reasons that a person might think a spouse is hiding assets. One is that the spouse brags about having a lot of money. In this case, it may simply be talk; an investigation might show that there is nothing to be hidden. The other situation is one in which the spouse appears to be secretive about finances. If a spouse is unwilling to sit down with a financial professional and discuss finances with the other spouse, this could indicate a problem.

People contemplating divorce might want to start by gathering as many financial documents as possible. This might include tax returns as well as titles to cars and homes and account statements. A private investigator or a forensic accountant may be able to track down hidden assets, but people should also be conscious of their safety.

Individuals who are seeking a divorce but who are concerned about their safety or that of their children might want to contact an attorney about how to proceed. Even if safety is not an issue, divorces with hidden assets can be particularly complex. While these divorces are likely to end up in litigation, it might be possible for couples to reach an agreement on property division through negotiation with the assistance of their attorneys.