What to do when you suspect your spouse is hiding assets

If you are heading for a divorce in Michigan, you and your spouse may already have trust issues. When a marriage includes businesses, collectibles, property and financial accounts, it is not unusual for the spouse with the highest net worth to hide assets, exacerbating the mistrust. They are often the party that takes care of the finances as well. At Vandervoort, Christ & Fisher, P.C., our experienced team of attorneys has the expertise and resources to help ensure clients receive an equitable settlement.

Divorce Magazine reports that there are several steps you can take that uncover hidden assets and unreported income:

  • Look through old tax records. A forensic accountant can use a 4506 form to give you an idea of the asset value you have. Look for large withdrawals or other unusual activity on old investment account and bank statements.
  • If you have joint bank accounts with debit cards, examine the recent transaction history. Large cash withdrawals or an inordinate amount of activity may indicate your spouse is trying to hide funds.
  • Offshore accounts may exist, especially if your spouse travels out of the country. Review the passport activity to see where they are most likely to have hidden assets.
  • Do you own a business with your other half? Investigate large sum write-offs. This could indicate that they are funneling funds through the company to a personal account.

Opening a bank account in a child’s name and paying off old debts to family and friends are also common methods individuals use to hide money. Visit our webpage for more information on this topic.

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