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Finding hidden assets in a divorce

On Behalf of | Sep 1, 2020 | High Asset Divorce |

When working through a divorce negotiation, spouses must determine how to split their shared assets and debts. This requires both parties to openly disclose information about all such assets and debts.

In some situations, one spouse may attempt to hide money or other assets before or during a divorce in a potential attempt to prevent some losses during the split. This is just one form of what AARP refers to as financial infidelity.

Financial indiscretions during marriage and divorce

Three out of four respondents to a Harris Poll conducted in 2018 indicated their relationships suffered significantly due to financial indiscretions. In the same poll, more than 40% of respondents admitted to a lack of full honesty with their spouse regarding money.

Modern technology and electronic billing may make it even easier for one person to hide assets from a partner. The problem seems shared equally by spouses across all age ranges. However, those in their later years may experience more serious outcomes, as they have less working time left to recoup any losses that may result from their spouse’s activities.

Forensic accountants and divorce

Depending on the situation, some people may choose to hire a forensic accountant to help them search for and uncover hidden assets before or during a divorce. As explained by the Forensic CPA Society, these professionals provide a mix of accounting and investigative services. The information they provide must meet the standards for inclusion in a court case.