Uncovering hidden assets during a divorce

On Behalf of | May 12, 2022 | Family Law |

Dissolving a marriage can be a stressful and intimidating process and individuals in North Carolina and elsewhere who face a similar change in life may encounter numerous vital topics to address. While creating a strategy to identify and value marital property, one might benefit from taking steps to address the possibility of hidden assets. While uncovering hidden assets could play an integral role in protecting one’s interests during a divorce, it can also be somewhat challenging at times.

Factors to consider

Those who have concerns about the possible presence of hidden assets could benefit from knowing what types of behavior to watch out for. Experts indicate that those who attempt to hide assets may be more inclined to exhibit secretive financial behaviors or seek to have total control over marital finances. Those who exhibit such behaviors may try to conceal assets by putting them in safes or safety deposit boxes, or even by giving them to family members or friends for safekeeping.

Experts also suggest that it might not be uncommon for hidden assets to take the form of digital assets such as cryptocurrency. When attempting to uncover hidden assets, one might benefit from reviewing recent tax returns and mortgage or loan documents, as these may hold a wealth of useful information. According to experts, those seeking to carry out such behaviors may also attempt to conceal assets by creating false financial obligations.

Where to turn

It may come as no surprise that the presence of hidden assets could have a significant influence on the outcome of a divorce. While uncovering these assets may be integral to safeguarding one’s interests, it can also be a complex endeavor. Fortunately, one does not have to face this process alone, as there are attorneys who can provide a person in Kentucky with guidance in navigating this process and assist in creating a strategy to protect his or her future during subsequent divorce proceedings.