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Hidden assets during a divorce

On Behalf of | Sep 16, 2023 | Divorce

Going through a divorce in Indiana can be a difficult process, especially when significant assets are at stake in the divorce. Occasionally, one or more partners will attempt to hide assets, either right before or during a divorce. And in some cases, a spouse might have even been hiding assets from their partner for years.

If you’re involved in a divorce and believe your partner may have hidden assets, there are ways to discover them. Generally, they involve paperwork and some diligence, but you can locate most assets your partner may have disguised or hidden from you.

Taxes are often the giveaway

An unscrupulous partner may be willing to lie to you about assets they’ve separated from your joint ownership. But lying to the IRS is a much bigger risk, inviting heavy fines and jail time. As a result, hidden assets often are reported in IRS and tax disclosures.

The county tax assessor’s office has records of any property purchased in that area, including relevant financial details.

Checking records on any accounts

During a divorce proceeding, it’s critical that you take a look at your joint bank accounts, including withdrawals and deposits made over the entire duration of your marriage. Any unusual or unexplained withdrawals can point you toward hidden assets.

The county courthouse keeps records of all loans, and a person taking out a loan must disclose their financial outlook. This can alert you to any assets your partner may be hiding.

Investigate third parties

Frequently, a partner looking to hide assets will employ a third party. This can take the form of bogus “loans” with the understanding that the money returns to your partner after the divorce. If another man or woman is in the picture, this is often the one helping hide assets.

At work, some employers are willing to defer incentives like bonus and stock options until after a divorce.

During a divorce, a partner sometimes attempts to hide assets to keep more than their fair share of joint property. There are several ways you can discover those hidden assets.