High asset divorce: What to do when hidden assets are suspected

High asset divorce: What to do when hidden assets are suspected

| Dec 19, 2020 | Divorce |

There must be trust between married couples. If that trust erodes in any way, it may be likely that divorce is imminent. For Kentucky couples who live in a healthy financial landscape, the trust could be connected to assets and finances. There have been instances in high asset divorce situations when one soon-to-be former spouse tries to hide assets from the other so they aren’t included in the division of property.

If one spouse suspects the other of hiding assets, the first thing to do is to investigate. That means poring over past tax returns. If something does not look to be on the up and up, a professional should be called in. On a tax return, Schedule A lists deductions, while Schedule B speaks to interest and dividends. Schedules C, D and E may also provide information that is pertinent.

A spouse who is worried about hidden assets might also consider looking in locations that are secure or hidden. Those could include a safety deposit box or a safe. If it is the spouse filing for divorce who is worried about hidden assets, he or she might make a list of all assets prior to even discussing divorce. On the other hand, if the other spouse is the one to raise the possibility of divorce, the other will want to look into the asset situation as soon as possible.

If a high asset divorce might include the possibility of hidden assets, it may be necessary to involve an attorney and financial advisors. These professionals may be able to help uncover those things which should be included in a divorce settlement. Each spouse is entitled to an equitable property settlement in Kentucky.