The quickest way to get in trouble with the legal system is to hide your assets in a divorce proceeding. Most individuals who choose to hide assets from their spouse, their attorney and the judge are often caught. Once the judge is notified that a spouse has been hiding their assets, they typically order the spouse to pay all of your legal fees and incurred expenses. Additionally, the judge has the ability to force the spouse to forfeit the assets in dispute simply because of their illegal action.

Part of the process of showing assets requires both of you taking an oath that each of you are showing all of your assets in the divorce proceeding. When a spouse is caught lying or hiding assets, the judge in the divorce court can select to disregard any of the testimony provided by the spouse in question.

If one spouse believes that the other spouse is hiding assets, there are things they can do to bring the valuable assets to light. They include:

• Search for Any Red Flags – If you recognize any unfamiliar patterns in the family finances, it is imperative to take quick action that includes:

• Look back over the last five years to seek out information on how money was accumulated, saved, and spent.

• Obtain copies of old IRS tax returns for at least the last 3 to 5 years.

• Obtain copies of all statements, including those for investments, credit cards and bank accounts.

• Should you see any discrepancies, it is essential to hire a forensic accountant to look into the evidence.

• Evaluate the ATM Habits of Your Spouse – Many people are creatures of habit and will often perform the same actions again and again. You may find that your spouse has been hiding cash. Evaluate all cash withdrawals from bank accounts, investment accounts, and ATMs.

• Pull a Credit Report – Any irregular financial activity will likely show up in a credit report.

• Search for Deferred Assets – Seek out salary payments, commissions, and/or performance bonuses of the spouse that have been deferred. It may require direct contact with the spouse’s company to obtain copies of all payment records.

If you have any indication or strong suspicion that your divorcing spouse has been withholding information from you, it is essential to bring in competent, qualified attorneys to help make sense of your shared financial situation. Remember that divorce court judges do not take kindly to cash-hiding spouses. Finding these assets can only serve your best interest.

By Kenny Leigh