Identifying assets is a must after monetary deceit

 Posted on February 01, 2020 in High Net Worth Divorce

Financial infidelity plagues nearly half of Americans in relationships, and it could have a significant impact when it comes time for a divorce. It can be hard to look for assets under every rock but leaving no stone unturned might be vital to getting the share of assets you deserve.

41% of Americans say they’re guilty of hiding financial detailsfrom their partners. Some may have concealed a receipt or two, while others go so far as hiding entire bank accounts. This breach of trust has many costs, not the least of which is keeping you from getting an accurate idea how much you should get during the division of your marital assets.

Recovering from cover-ups

Your spouse may have handled household expenses, guarded revenue streams and outright hidden assets. It can be hard to track down resources when you’re kept out of the loop, but tracking it all down could increase your share:

• Moving assets:If you didn’t have access to accounts, it's nearly impossible to know what was happening behind the scenes. Your spouse may have moved money around, opened new accounts or performed substantial withdrawals without you ever knowing.
• Hiding revenue:Additional revenue streams could have bolstered family coffers behind your back, but you may not get a share if you don’t know they exist. Your spouse may have hidden an investment or even a side job to keep you from profiting.
• Manipulating sums:Even when your spouse willingly brings things out of hiding, it may not be advisable to take them at the proffered value. Underrepresenting values on assets like large purchases or business holdings can be a quick way to try to limit your access.

Start the search now to provide for yourself in the future. Shed light on your property after your spouse has been working in the shadows, andyou may get your rightful portion of the assets.