To divorce your spouse often leads to a splitting up of assets. Already, this is an emotionally charged event for both parties involved. What makes matters worse is that sometimes one spouse will try to hide assets from the other in an attempt to keep those assets out of your hands. Is there a way to find assets? The following advice from Forbes will help you uncover assets.
If you have any safe deposit boxes or other hiding spots for assets and important documents, make sure that you double check each one. Your spouse could be hiding assets and property almost in plain sight. You also need to gather any mortgage closing documents or other information that lists your assets, liabilities and any other income sources.
In addition, gather any past tax returns and study them for any discrepancies in items after every year. If there are discrepancies, this could be a sign of hidden assets. The places in your tax returns that you need to take a look at include:
- The itemized deductions
- The interest and dividends
- Capital gains and losses
- Supplemental income and loss
- Profit or loss from business
If you can find red flags in the tax return, then you are a step closer to uncovering the assets. While this might be a difficult process, it can still be beneficial to finding hidden property.
To ensure that the divorce is fair, you have to have as much information as possible about your assets. It is better to gather these before any proceedings so that you do not have to rush around when the time comes.