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Is your ex hiding assets?

When couples with fairly significant assets decide to divorce in Arizona, attorneys who specialize in high asset divorce will sometimes choose to enlist the help of forensic accountants. These financial specialists are professionals who are trained to find financial issues or wrongdoings that may affect a divorce settlement. By working with such professionals, high asset divorce attorneys hope to ensure that a divorce settlement is as fair and equitable as possible.

While it is generally best to work with professionals, there are some things that people can do themselves to try to uncover whether their ex is hiding assets.

  • Review income tax returns. Many people who will lie to their spouse during divorce negotiations will have told the truth to the IRS. By looking at the past five years of tax returns and looking for inconsistencies when it comes to trusts and real estate holdings, for example, a person may find indications that a spouse is hiding money.
  • Requests copies of checking and savings accounts statements. Large purchases you were not aware of and investments you did not know about, as well as suspicious deposits and withdrawals may suggest that money is hidden somewhere.
  • Request credit reports and look for lines of credit you may not have known about.

These are only a few places that people may want to look when going through a divorce. There are, unfortunately, several places that people tend to hide money and assets during divorce settlement negotiations. This is one reason it is important to have a high-asset divorce attorney who will look out for your best interests at this difficult time.

Source: Huffington Post, "Finding Your Ex's Hidden Assets," Brendan Lyle, July 12, 2012

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