Unfortunately, it is common for one spouse to hide assets or fail to report their income before or during a divorce in order to avoid sharing them with their soon-to-be-ex – especially in high net worth divorces.
According to a report by the National Endowment for Financial Education, hiding assets occurs in two out of three marriages in the United States. In studies by the American Academy of Matrimonial Lawyers, nine out of ten attorneys report that they see their clients using smartphone spying techniques to uncover financial infidelity, looking for text messages and social media activity and offering any indication of hidden finances.
Fortunately, it is not difficult to catch financial infidelity. There are several ways you can uncover hidden assets.
What Techniques Can Be Used to Locate Hidden Assets?
You may want to seek the professional aid of a private investigator or forensic accountant. These professional require accurate and timely personal identification information of the suspected spouse, such as the full legal name and all known aliases, as well as current and recent address information.
Some spouses attempt to protect their retirement or pension plan by failing to claim one or all of them, which can be identified through e-mails, account statements, and company benefits websites. They can also secretly hold homes or real estate investments that can be traced in tax returns.
Since assets may have been transferred to family members. The names and addresses of close relatives, their social security numbers, and birth dates will prove valuable in tracing monetary discrepancies.
You can also do your part to follow the electronic trail by checking your spouse’s social media accounts and your browser’s history. As we mentioned before, you could download spy apps on your spouse’s smartphone to track their spending habits.
Getting Help from an Experienced Attorney
Whenever a spouse suspects that their husband or wife is hiding assets from them, it is imperative to hire a divorce lawyer who is skilled at handling high-asset divorces and uncovering hidden assets. Our Murrieta divorce attorneys at Westover Law Group can use effective discovery methods to paint a complete picture of your marriage’s financial and asset background.