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Could your ex be hiding assets? PART 1

During the best parts of marriage, a lot of people would consider their spouse to be their best friend. When the possibility of divorce comes into the picture, spouses would understandably hope that no matter the reasons for the split, both individuals can remain friendly throughout the process. But most people can agree that divorce can bring out the worst in people, so it is important to stay positive, yet cautious.

While your spouse may have been honest during marriage, it doesn't mean he or she will be during divorce. People have a tendency to have their own best interests in mind and that may cause them to do unexpected things.

It is important to make sure all assets are disclosed during divorce, and there are steps that a lawyer can take to make sure that happens.

First, it is important to see if there are any undisclosed financial accounts. When reviewing paystubs and any other supporting documents, make sure any income correlates to a deposit in a disclosed account. If it doesn’t, there may be undisclosed accounts somewhere.

Also, review any documents related to bills. If a bill is not being paid from an account that you already know about, the funds could be coming from somewhere else.

Finally, keep an eye out for any odd transfers to other accounts. It is possible to subpoena documentation to see who those accounts belong to.

In our next post, we will continue this discussion and cover further ways your lawyer can help you discover any hidden assets during divorce.

Source: The Huffington Post, “Discovering Hidden Assets: What Your Spouse Hasn’t Disclosed During Your Divorce,” Bonnie Sockel-Stone, Oct. 30, 2013

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