Matrimonial and Family Law Blog

Tuesday, July 23, 2019

I Think My Ex Is Hiding Assets - How Can I Find Them?

Locating assets that your spouse or ex is hiding to avoid splitting the assets or paying additional support can be challenging. Depending on the type of asset, there could be very little to go on when searching for the asset. For example, hiding digital currency is easy because there may be no records for the account other than the “key” which is maintained by the owner. However, there are ways to find assets a spouse or ex is trying to hide. An experienced New York family law lawyer can help you retain an investigator and other professionals to track down assets.

Strategies for finding hidden assets 

On your own, you may want to try one of these strategies for finding hidden assets:

  • Checking Account Statements and Credit Card Statements — Reviewing these statements could lead you to payments for storage facilities, unusual withdrawals, purchases of assets, payments on installment accounts, payments for safe deposit boxes, and transfers of cash to other accounts.
  • Tax Assessor’s Office — The tax assessor can give you information on recent purchases of real estate, including investment properties and vacation homes.
  • Tax Returns — Tax returns are also valuable sources of information for hidden assets. You may want to look at the last five years of tax returns for interests in partnerships, investment accounts, trusts, and real estate holdings.
  • Loan Applications — During the discovery process of the divorce, you may be able to obtain copies of loan applications. Typically, a person lists all assets on the loan application to boost their chance of receiving the loan. Also, it is a federal crime to provide false information on mortgage and other loan applications.
  • Check Hiding Spots at Home — If your partner is still living with you, search closets, dresser drawers, and other hiding places for evidence of assets such as stock certificates, statements, life insurance policies, bank accounts, jewelry, and other items.
  • Delayed Compensation at Work — You may need to subpoena your ex’s employer to inquire whether your ex has requested that the employer delay bonuses, raises, or promotions until your family court action is concluded.
  • Custodial Accounts — An ex-partner may attempt to hide assets by setting up a custodial account in the name of a child.
  • Trust Agreements — Another way of hiding assets is by transferring assets to a trust agreement so that the trust holds title to substantial assets instead of the ex.
  • Transfers to Family Members — You may also want to investigate family members to determine if they have received title to assets or large sums of money from your ex.

Finding assets before the divorce is complete is the best possible scenario. However, if you discover an asset that an ex is hiding after the divorce is complete, contact your attorney immediately. Your attorney may be able to reopen the divorce proceeding to request that the court require your ex-partner to submit information regarding the asset so that the court can determine what should happen to the asset given the fact that your ex concealed the asset during the divorce proceeding.

Contact a New York Divorce Attorney for Help

Matters related to property division can be extremely contentious. Contact Gassman Baiamonte Gruner, P.C. to speak with a New York divorce lawyer today. Our experienced New York divorce attorneys understand the various tools and resources available to locate concealed assets. Working with a lawyer can help you receive your fair share of assets during your divorce.

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