.2504220838512.png)
If you are divorcing or planning to divorce, it is paramount to have a full accounting of all of your spouse’s investments and assets. Without it, it will be much more difficult for the judge to divide the assets equitably.
If you believe your spouse is hiding income, investments, or other financial assets, what can you do?
Fortunately, the law provides some remedies.
First of all, you should do your best to locate any financial records that you can. This may include bank statements, tax returns, retirement account information, pay stubs, and other documents that provide a clear picture of your spouse’s financial situation. If you shared finances during your marriage, you may already have access to some of these records—or at least know where to look.
But what if your spouse is intentionally concealing assets, or you suspect they’re engaging in shady financial behavior? That’s where the legal system can help.
The Role of Discovery
In a divorce, the legal discovery process is the most powerful tool available to you. Discovery is the phase of the case where both parties are required to exchange information about their finances, property, and debts. Through formal discovery, your attorney can request documents, send interrogatories (written questions that require sworn answers), and even take depositions to ask your spouse questions under oath.
If your spouse does not cooperate or fails to fully disclose assets, the court can compel compliance. Judges take financial transparency seriously in divorce cases, and hiding assets can result in legal consequences such as sanctions or an uneven distribution of property in your favor.
Enlisting Experts to Help
Sometimes, the discovery process isn’t enough on its own. Financial experts, such as forensic accountants, can be brought in to trace hidden assets. These professionals have specialized training to identify red flags in financial records, track down offshore accounts, and determine whether your spouse has been transferring money to friends or family to keep it out of the marital pot.
If your divorce involves a business, a valuation expert may also be necessary to assess the company’s worth and ensure your spouse isn’t undervaluing their ownership stake.
Protect Yourself Early
Even if you’re just starting to think about divorce, you should still take steps to protect yourself. Start keeping copies of financial records now and avoid making any agreements without consulting an attorney. Remember, a full picture of your marital finances is essential for ensuring a fair division of property.
Divorce is difficult enough without the added stress of financial gamesmanship. By leveraging the discovery process and seeking professional help when needed, you can protect your rights and make sure no assets slip through the cracks.
If you suspect your spouse is hiding assets, don’t wait—reach out to a family law attorney who can guide you through the process and help you build a strong case for your financial future.