During a divorce, uncovering hidden assets is crucial to ensuring a fair settlement. Some spouses may attempt to hide assets to avoid sharing them, which is illegal. Fortunately, there are strategies that can help uncover these hidden assets and ensure an equitable distribution.
Request full financial disclosure
Florida law requires both parties to provide mandatory full financial disclosure during a divorce. This includes bank accounts, properties, investments, and other assets. If one spouse suspects the other is hiding assets, they can request more detailed documentation through discovery.
Use subpoenas
A subpoena is a legal document that requires someone to produce evidence or testify in court. In divorce cases, attorneys can use subpoenas to obtain financial records from banks, employers, or other institutions.
Hire a forensic accountant
Forensic accountants have the necessary training to find hidden assets, which is helpful when someone has complicated finances, like a business or many investments. They examine financial records and look for differences that could show unreported income or secret accounts.
Investigate lifestyle discrepancies
Sometimes, one party discovers hidden assets by comparing a spouse’s reported income to their lifestyle. Investigating these discrepancies can help uncover additional resources that are subject to division during the divorce.
Ensure transparency for a fair divorce settlement
Divorce can be a challenging time, and transparency is key to achieving a fair resolution. By staying vigilant and thorough in uncovering all assets, you can help ensure an equitable settlement. Prioritizing a complete and honest assessment of financial resources can make a significant difference to the final outcome.