They say money is the root of all evil, but that’s not always true. Although when you find out your spouse is hiding funds in preparation for divorce, it can really feel that way.
Oftentimes, ex-spouses conceal financial information and leave you with the short end of the stick during a divorce settlement. However, divorce attorneys who are savvy enough to know when a financial issue needs a closer look work with forensic accountants.
Evidence of financial fraud
A plan to reveal fraud is being committed against you requires proof. So, before digging up potential evidence, there are some steps to take to determine what kind of financial details your soon-to-be ex-spouse failed to report and why they’d be dishonest:
- Claim assets: Work with a shared or separate attorney to disclose all financial information that could impact property division in your divorce, including expenses, assets and debts
- Financial misconduct: Your ex might commit financial misconduct to come out ahead after the division of assets or to pay less in child support
- Initial evidence: Some clues of financial misconduct could include general dishonesty about finances and delayed paperwork through the ligation process
Don’t brush off a gut feeling that your ex could be manipulative in the divorce process. Instead, bring up your suspicions to a legal professional right away.
Can my attorney take a financial deep dive?
A divorce attorney can request financial documents that can reveal financial information about each party in a divorce and prepare questions to ask about specific documents in court. These documents can include copies of paperwork related to income, joint finances, life insurance, joint debts, pension funds, real estate and auto ownership documents.
To research your case deeper, attorneys often incorporate the work of forensic accounting. This often includes conducting an audit to reveal hidden information about the other party’s finances that may not be as obvious as bank statements from known accounts. An audit can help bring hidden bank accounts, hidden income streams and hidden properties to light.
Covering all your bases is important in settling your divorce. If there was overall dishonesty in your marriage, then investing in legal aid might save you thousands of dollars in the long run.