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3 ways to look for hidden assets during divorce

As a wealthy individual, you likely want to make sure that your assets remain as protected as possible. You may have taken various precautions in order to ensure that any investments or business deals you participated in did not pose unnecessary financial risks. However, now that you face divorce, you may wonder how much protection you have from potentially dishonest tactics from your soon-to-be ex-spouse.

One major concern that many individuals going through a high-asset divorce have involves one party hiding assets. Though you may have kept a close eye on your finances, the possibility exists that your spouse may have taken precautions of his or her own that could negatively affect your share of property when it comes to distribution during divorce. Therefore, you may want to determine how to uncover hidden assets.

Obtain financial records

One of the most obvious ways to search for hidden assets involves obtaining and reviewing financial records. If you know your spouse generated more income than disclosed on tax returns or more than shown in known bank account deposits, you may have cause to suspect that he or she has hidden assets in a separate account or through other means. If your spouse does not wish to disclose the records, you may need to take certain legal steps to have those records turned over to you.

Asset appraisal

In some cases, an individual may try to hide assets in plain sight by simply claiming that the assets have a lower value than they truly do. If you believe that your spouse has not told the truth about asset valuation, you may wish to have the assets appraised yourself. A professional appraisal can allow you to gain an unbiased value of the property.

Depositions

Depositions involve a much more formal legal process. During depositions, you or your legal counsel can ask your spouse questions that he or she must answer as part of a sworn testimony. A court reporter attends depositions in order to transcribe the statements made by all parties for the record. Additionally, you may use any statements made during the depositions in court proceedings for your divorce.

Professional assistance

Because uncovering hidden assets can seem like a lofty undertaking, you may want to gain the assistance of an experienced New York attorney. This individual can offer advice on discovery strategies as well as question your spouse in order to obtain useful information that could help determine whether any hidden assets exist.

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