Finding hidden money in a contentious divorce process isn’t entirely difficult. With the aid of a skilled divorce attorney and a forensic accountant, you probably won’t miss a penny during your investigations. Here are some of the most important places your legal team will search while trying to dig up any assets your ex-spouse is trying to keep hidden:
Artwork, hobby equipment, antiques and collectibles
Some spouses will buy antiques, artwork, collectibles or hobby equipment to make money disappear. Then they’ll resell these items later.
Stock options, delayed bonus pay and other non-monetary perks
Some types of employee perks and bonuses don’t look like money or assets but they do have real monetary value. Other times, payments of bonuses are delayed until after the divorce is over.
Unreported, under-the-table income
It’s not uncommon for people to take in significant amounts of unreported income as cash. This income may be difficult to trace, but a good accountant will know what to look for.
Custodial accounts in the names of your children
If a bank account is in the name of a child, it might look like it’s not part of the marital estate.
Using marital savings to pay off personal debts
This is a dishonest trick that many spouses do just before divorce.
Paying salary to a fictional employee
Some spouses set aside money for themselves that looks like it was paid to an employee.
Don’t become a victim of hidden assets in your divorce. Rely on your divorce attorney and accountants, who are trained to be thorough. Rest assured, they will look everywhere when it comes to finding hidden assets.