Finding Hidden Income and Assets
One of the most complicated parts of a divorce is the division of assets. Often, couples cannot agree on how to divide assets, which leads to conflict and legal battles. Things can get more complicated when one of the spouses purposely hides assets. Therefore, uncovering hidden assets becomes a top priority during divorce proceedings.
If you live in Owensboro or neighboring areas like Henderson, Hancock County, Ohio County, and McLean County, contact our firm. At Evan Taylor Law Office PSC, we are ready to help you find hidden income and assets, and uphold your rights through every step of the Kentucky divorce process.
Division of Assets in Kentucky
In a divorce, the marital property must be divided between both spouses. Ideally, the spouses should agree on how to divide assets. However, that is rarely the case. Most divorce proceedings require court intervention to divide assets fairly.
Kentucky law establishes equitable division in assets. In other words, the law does not assume that both spouses own everything equally. Also, the law does not automatically award half of everything to one spouse. Equitable division of assets requires the spouses to disclose their financial information, property ownership, and prove how they acquired said property. Division of assets in Kentucky is made all the more difficult when one spouse purposely hides assets from the other.
Commonly Hidden Assets
The first issue to consider is why one spouse would hide assets from the other. In essence, one spouse may feel compelled to hide assets in order to avoid losing half of said assets.
That is why finding hidden assets during a divorce is crucial. However, it is not always easy to uncover hidden assets.
Common hidden assets may include:
Salary and bonuses. Hiding salary may include not reporting it as income or colluding with an employer to delay payments until after the divorce’s finalization. This practice is illegal and can have serious legal consequences for employers.
Real estate. Some individuals may hide properties by failing to disclose their existence. In other circumstances, individuals may transfer ownership to a third party to remove their ownership rights. However, spouses have rights to their share of proceeds, even if it is a phony sale.
Bank accounts. Bank accounts are hard to hide. Divorce attorneys can request the other spouse’s bank records. The court can request financial institutions to submit information if they fail to disclose.
Cash. Cash can be tough to track. It is mostly untraceable unless the divorce discovery process reveals its location.
Investments. Stocks, bonds, and other investments can be hidden, especially if they have no specific name attached to the individual. For instance, bearer bonds or stock certificates may not necessarily include the rightful owner’s name. As a result, tracing their existence may be complicated.
Uncovering Hidden Assets in Kentucky
Uncovering hidden assets may require an extensive investigation. Enlisting the services of a skilled divorce attorney can help uncover hidden assets. Here are some guidelines to consider:
The first step is to communicate suspicions with a divorce attorney, a professional you can trust.
Be sure to avoid investigating unauthorized areas. For example, walking into a bank to get financial records is virtually impossible unless it is a joint account.
Knowing what to look for is crucial. Merely knowing about hidden assets is not enough. Again, an experienced attorney can help you through the process.
Please note that both spouses are legally required to disclose all financial information during the divorce discovery process. Failure to do so may constitute fraud. Thus, spouses hiding assets may face legal ramifications for their actions.
A good rule of thumb is to work with an experienced divorce attorney. Experienced attorneys know where to look and how to uncover hidden assets. They can work in tandem with clients to protect their rights.
Finding the Right Divorce Attorney in Kentucky
At Evan Taylor Law Office PSC, we know what it takes to uncover hidden assets. If you suspect your spouse is keeping assets from you, reach out to us. We are standing by to help you find the truth and move forward with confidence.