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4 Ways to Uncover Hidden Money During Your Divorce

Divorce Money
If you and your spouse have decided to go your separate ways, you will come to a point in the divorce process in which you will have to divide the assets you currently have. This impending event may cause your spouse to attempt to hide money that you are entitled to receive. Fortunately, there are ways you may be able to find some of these hiding places. Here are a few ways you may try to uncover hidden money.

1. Look for Changes in Habits

Most people are creatures of habit, and many times when there is a change in their habits, they are up to no good. Look for irregularities in deposits or withdrawals in shared accounts. This could be indicative of money going elsewhere or being diverted away from shared accounts.

Look for newly opened accounts, large purchases, investments, or existing accounts that your name have been removed from. Some additional red flags you may want to pay attention to include changes in online passwords, new post office boxes, and more.

2. Review Your Documentation

Even if you are planning to live happily ever after, you should maintain copies of your financial documentation. These may include tax returns, investment statements, security portfolios, credit card statements, bank account balances, and more. If you have not been diligent in maintaining these, you need to begin rounding them up as soon as you know that a divorce is on the horizon.

Unfortunately, if you are not the one initiating the divorce, by the time you find out, it may be too late to get  untampered documentation from anywhere but the source. For example, this may mean that you have to request tax forms directly from the IRS. Always remember you are entitled to copies of anything that your name is on. Once you have this information, make sure that you store it somewhere safe.

3. Hire a Forensic Accountant

Sometimes you may have to spend money in order to find money, and one of the best investments you may make is in hiring of a forensic accountant. A forensic accountant is trained to follow the money trails that could uncover hidden accounts, income, and property.

The discovery of these resources can result in an increase in your equitable distribution, child support, and alimony. The discovery could also result in a loss of credibility on behalf of your spouse, which in turn could provide you with favor in the eyes of the court.

The accountant performs their tasks by looking for inconsistencies in the submitted financial documentation, corroborating financial information, and tracing various resources. In addition to these tasks, a forensic accountant will be beneficial to you and your attorney as an expert financial consultant and witness. They will also be able to assist your attorney in formulating the right financial questions to get the answers you need during interviews or interrogatories.

A forensic accountant can be especially valuable if your spouse is self-employed or owns a business where the valuation is in question. The accountant can help to establish the valuation, as well as quantify personal expenses that may be disguised as business expenses.

4. Enlist the Services of an Experienced Divorce Attorney

There aren't too many things that an experienced divorce attorney have not seen or heard, and we at Cartee & Lloyd Attorneys at Law are no exceptions. We have a wealth of knowledge and experience that may help you find any financial resources that are missing. Once found, we will ensure you get the portion that belongs to you. Contact our office today to discuss your divorce case.