FINDING HIDDEN INCOME AND ASSETS
Jan. 7, 2022
Most divorcing couples are honest about their assets and income when disclosing financial information to each other upon divorce. However, there are also many individuals who choose to hide income or assets in an attempt to avoid sharing them with their soon-to-be-ex-spouse.
A study by Kansas State University showed that arguments about finances were “the top predictor of divorce.” If spouses had disagreements about money during the marriage, chances are they may also refuse to disclose their income and assets during a divorce.
If you and your spouses decide to get a divorce, but you are worried about hidden income and assets, consider speaking with a knowledgeable family law attorney to help you uncover the truth. The empathetic and dedicated attorneys at Roth Davies LLC in Overland Park, Kansas, work to ensure that clients reach fair and equitable property settlement agreements with their spouses. The law firm also handles family law matters throughout Johnson County.
DIVISION OF ASSETS IN KANSAS
It is essential to understand the property division laws in Kansas to know which assets your spouse could hide from you. Kansas adopted equitable distribution laws, which means all marital assets must be divided between spouses in an equitable (fair) manner. In some cases, couples can agree to the division of assets without court involvement.
Marital assets include any property and debts the married couple acquired during the marriage.
Separate assets are any property each spouse owned before the marriage or acquired before/during the marriage as an inheritance or gift.
A spouse may attempt to hide marital assets, which are subject to the equitable distribution laws in Kansas, to keep more property or assets for themselves.
COMMONLY HIDDEN ASSETS OR INCOME
A spouse may attempt to hide any assets that are subject to division in a divorce. Some of the most commonly hidden assets and income include:
Retirement accounts a spouse never disclosed to the other spouse
Custodial accounts set up in the child’s name
Cash that can be traced through deposits and withdrawals from bank accounts
Unreported tax returns and income
Undervalued artwork and antiques
Repayment of debt to a friend
Fake debt created shortly before or during the divorce
A deal with an employer to delay the payment of income or bonuses after the divorce is final
Money transferred to an affair (girlfriend or boyfriend) or used to purchase gifts
Finding hidden assets and income can be difficult, especially if your spouse is being secretive about their assets and you have no access to their financial accounts. For this reason, you might want to contact a skilled family law attorney to assist you in locating and proving any concealed assets.
UNCOVERING HIDDEN ASSETS
If you are worried that your spouse is not honest about their assets or income, consider taking the following steps to discover hidden assets or income that you might be entitled to during a divorce:
Contact an attorney. Speaking with an attorney is the first step. An experienced attorney will analyze your situation and investigate whether or not your spouse is hiding any assets.
Look in places you have legal access to. It is vital to look for evidence of hidden assets in areas you have legal access to. Any assets uncovered as a result of hacking or other types of fraudulent or illegal activity will be inadmissible in court.
Consider the divorce discovery process. If your spouse refuses to voluntarily disclose their hidden income or assets and you have no access to their accounts, you might want to consider the discovery process. It is a legal process to obtain information from the other party.
WORKING WITH AN EXPERIENCED FAMILY LAW ATTORNEY
If you suspect that your spouse is hiding income or assets so that they do not have to share them with you upon a divorce, consider contacting an experienced family law attorney to discuss your legal options. The attorneys at Roth Davies LLC will work on your side to make sure that your spouse does not get away with hiding income or assets. Schedule a case review with our attorneys in Overland Park, Kansas, to find out where to start looking to uncover hidden assets.