Despite complications to the marriage, most people enter the divorce process believing their soon to be ex-spouse is an honest person. However, this is not always the situation. The fact is, dishonesty is a common reason for seeking a divorce. Regardless, even if you have no reason to suspect your former partner is a liar, there is still good cause to be curious and concerned about their finances heading into a divorce.
Once a divorce begins, many people will do whatever it takes to conceal and hold on to what they believe is their money. Moreover, some will even create secret accounts, or perform other financial actions, during the course of the whole marriage. Discovering these hidden assets, during a divorce, is the only way to ensure you receive a fair settlement.
You should never rely entirely on your spouse’s financial affidavit. The good news is an experienced divorce attorney has many tools at their disposal often including a forensic accountant or other investigators and can uncover most everything during the discovery process.
In today’s world, many couples have very complicated and difficult to understand financial portfolios that may include retirement plans, stocks, vacation properties, and more. Regardless, deception is often easily discoverable. The hiding places are predictable. These are some of the more common:
1. Family and Friends – Your ex-spouse may conspire with family or good friends. This is often done by making payments for imaginary items or services, then getting reimbursed after the divorce. An experienced attorney will scrutinize payments made by both personal and business accounts.
2. Fake Employees – Having a fake employee on the payroll is a common technique for concealing the money generated by a business. While your ex-spouse may think they are being slick, an audit of their payroll will uncover the truth. [Read more…]