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Where to look for potential hidden assets in divorce

Many Connecticut readers contemplating divorce may have concerns about their spouse potentially attempting to hide assets. If assets are hidden or otherwise unknown during a divorce, it can be difficult for one party to secure an equitable divorce settlement. However, it may be possible to determine if these assets exist by using information from a number of different sources.

For many couples, tax returns can provide much of the information about what assets and income the couple has. Income, investment gains and business profits may all be found on these documents. Another valuable source of information is bank statements. These documents can show recent purchases or transfers of money and may even provide a link to other unknown or offshore bank accounts.

Other valuable sources of information are loan applications. In many cases, people must provide information on assets that can be used as collateral and income to help them get a good interest rate on their loan. This information can be extremely useful to those searching for assets or income of which they may not be aware. It may also be important to determine when certain assets were acquired. While a spouse may claim something is off limits because it was bought before the marriage, that may not be the case.

Other information can also be important to negotiating a fair settlement, but it can be difficult to know what information is important and where to find it. The fuller the picture of one's financial situation one has, the better the chances are that they get a fair settlement. An attorney may be able to help those concerned about not knowing what assets they have find the information they need to get the best settlement that they can.

Source: NJBIZ, "Industry Insights: Discovering hidden assets in divorce", Angela Scafuri , April 21, 2014

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