Some people might conceal their valuable assets from their spouses at the time of a divorce in Georgia. However, with some legal help, there are certain steps that one may take in order to uncover such undeclared assets. Division of assets and properties is one of the major issues that need imminent resolution when people divorce in Georgia. This can be the most complicated step of the divorce process for a lot of people. Some spouses are likely to conceal their assets if they have conflicting opinions regarding the fair entitlement of such assets. There are certain measures that one can take to uncover these assets while ensuring that the court has all the necessary information required to announce a just ruling of the case.
According to the Centers for Disease Control and Prevention, the United States has an overall divorce rate of 2.7 per 1000 population.
Financial Accounts:
The Huffington Post says that the first step a spouse should take is to look into the other spouse’s financial statements before a divorce in Georgia. A forensic auditor might be able to get you through this process in a better way, and how to scan ledgers, bounced checks, bank statements, and other wire transfers and examine them for any evidence.
One may unveil certain transactions with undisclosed accounts under this examination. Acquisition of certain assets such as jewelry, antiques, or paintings may also be discovered before the divorce in Georgia. This could include property taxes on a piece of land or a specific residential or commercial property that one spouse was not aware of.
Household Expenses:
The concealment of assets in a separation can also be assessed by analyzing the monthly household expenses of the family. Expenses may surpass the income in some situations. If this is the case, it is clearly evident that an undisclosed income generated by an undisclosed asset is present, thereby helping the spouse to look after the household.
Employment Documentation:
A detailed review of employment documentation includes examining pay stubs, vital information regarding deferred compensation plans and share options, and other pension and retirement schemes. Examination of such documents can prove to be extremely essential if there are doubts regarding the concealment of assets. If one’s salary is being credited to an undisclosed account, a paystub review can easily catch that. Marital assets are that class of assets that must be revealed to the court for the purposes of property division in a divorce.
Taxation Returns:
According to the Financial Advisor, a return of tax can be very helpful when searching for undeclared assets. Brokerage accounts that earn dividend and savings account that accrues interest must be revealed in an individual’s taxation return. A tax return can get you all the details about your spouse’s property holdings, stock holdings, and other investments.
Public Records:
The acquisition and disposal of real estate ownerships are made part of a public record. However, in order to clear things up at court, it is suggested that people conduct public records searches under their spouses’ names.
Indications that a Spouse is Hiding Assets:
Reluctance in consulting a divorce lawyer when parting ways with your spouse is a major red flag that a spouse is trying to hide their assets. It is highly likely that people may get away with their undisclosed assets if there is no involvement by a legal or financial professional, as such professionals are aware of where to look for undisclosed assets. At the time of inquiring regarding financial matters, spouses who may try to hide their properties could get defensive. They might attempt to receive their bank statements or other financial documents at another mailing address.
People who run their own enterprise often find it easy to hide assets from their significant other before a divorce in Georgia. They may understate their assets and income so that their company becomes cheap on paper, therefore resulting in a comparatively small payout at the time of divorce in Georgia.
An Albany Divorce Lawyer Demonstrates How Assets Could be Hidden:
A few traditional methods include:
- Telling a spouse that they have been demoted to a lower pay scale and investing the differential someplace else
- Opening bank accounts in children’s name
- Hiding money in bank safes
- Buying artwork, antique sculptures, and extravagant paintings
- Understating their income and assets when filing an income tax return
- Deferring bonus until after the separation is finalized
- Creating fictitious liabilities towards close friends and relatives
Contact Our Divorce Lawyers Today in Albany, GA:
Contact our legal team at Joe Durham Jr., PC today if you are looking for a professional and qualified Albany divorce lawyer.
