Finding hidden assets for property division during divorce

Finding hidden assets for property division during divorce

| Jan 14, 2021 | Property Division |

It is more than likely when two people are standing next to each other and prepared to enter into marriage that there is a great amount of trust between them as they say, I do. If that trust erodes at any point in the marriage, it could be that divorce may soon follow. Since trust is an issue, one spouse may suspect the other of hiding assets which has a bearing on property division in Kentucky.

Spouses who suspect their partners may be sheltering assets will definitely want to make sure their hunches are correct before proceeding in the right direction. It’s helpful to know where to look for these assets and the first place would be tax returns. There are various schedules to be looked over. Deductions can be found on Schedule A, while Schedule B speaks to dividends and interest. Looking at Schedules C, D and E might also beneficial in garnering some information.

Any secure locations such as a safe or safe deposit box may also be places a spouse might shelve pertinent documents that show hidden assets. If the spouse who has concerns about possible hidden assets is the one who is pursuing a divorce, then he or she should take stock of all mutual assets before beginning the divorce talk. In any case, it is always wise for each person to know what’s what in terms of assets and debts.

In most instances when one spouse suspects the other of hiding assets, it is essential to get professionals involved such as a lawyer, forensic accountant and a financial advisor. They may be able to help in unearthing what’s in hiding. A lawyer experienced in family law and in property division issues can help Kentucky residents to receive what is a fair and equitable property division settlement.