Some of the most contentious disagreements that arise during a divorce revolve around the division of marital property. It is not uncommon in Wisconsin for individuals involved in a divorce to attempt to conceal assets from their spouse. Because finding hidden assets could significantly impact the size and scope of the final settlement, it is important to do everything possible to discover all marital assets before the proceedings are finalized.
Making a formal legal request for a complete report of all financial accounts and outstanding debts can be an important way to begin a search for hidden assets. Issuing a subpoena for financial documents could provide a reluctant spouse with an extra incentive to be more complete in their disclosures. Loan applications are another type of financial document that could provide important clues about a spouse’s assets, since the loan application process often requires significant and detailed documentation of assets.
Examining tax returns is another way to identify clues that could lead to assets that an individual may have been unaware during the course of their marriage. Tax returns can provide clues to taxes paid on previously hidden real estate, investments, or even employees. Whether an asset was hidden or not, it is also important to obtain documentation establishing when the item was purchased. This information can provide a clearer picture of who actually is entitled to maintain ownership of an asset after the divorce.
An individual going through a divorce could benefit from a consultation with an attorney who has experience in this area. Assistance in obtaining an accurate inventory of marital assets can be invaluable in subsequent negotiations of a property division agreement.
Source: NJBIZ, “Industry Insights: Discovering hidden assets in divorce“, Angela Scafuri, April 21, 2014
