Phone : 610-674-1554

Family Law

Learn More

Estate Planning & Administration

Learn More

Tax Representation & Litigation

Learn More

Knowing where to look for hidden assets in divorce

On Behalf of | Apr 5, 2022 | Divorce

Dissolving a marriage can be a stressful and daunting process and the outcome thereof could have a significant impact on the lives of everyone involved. Couples who hold considerable wealth may face a variety of difficult decisions during a high-asset divorce and there may be a variety of factors that might influence the outcome of their situations. Studies indicate that hidden assets remain a common concern in similar life changes and individuals in Pennsylvania might benefit from seeking insight in uncovering the presence of such assets prior to entering legal proceedings.

Uncovering hidden assets

According to experts, those who have concerns about the possible presence of hidden assets might benefit from knowing some common ways a spouse might carry out such behavior. In some cases, one might seek to hide possessions by giving them to family members for safekeeping or rest in accounts that are deemed separate property. However, experts also state that one could attempt to create false debts or hide wealth in the form of digital currency.

It could also be helpful to know where to look to uncover hidden assets. Obtaining information from all financial accounts could be helpful in identifying marital possessions. Experts also indicate that recent tax returns might hold a wealth of useful information, as could mortgage and loan applications, and being thorough when evaluating similar documents could prove integral to uncovering hidden assets.

Seeking insight

As hidden assets could have a significant influence over the outcome of a high-asset divorce, uncovering their presence may be vital, but it can also be somewhat complex at times. Fortunately, one does not have to face this alone, as there are attorneys in Pennsylvania who can address a person’s concerns and provide insight on how best to approach the situation. An attorney can work with a client in covering every vital aspect of dissolving a marriage and assist in preparing a strategy to seek the most favorable outcome achievable concerning his or her future during subsequent legal proceedings.

Archives

Categories

Findlaw