What if a spouse is suspected of hiding assets in a divorce?

On Behalf of | Sep 20, 2023 | Divorce |

Dividing property is a common source of discord in an Alaska divorce. In some cases, people might even suspect that their spouse has taken various steps to hide assets. When this is the case, people need to understand how to find them.

Where to look for potentially hidden assets

There are many ways in which a person can hide assets. Although a person could be willing to hide assets from a spouse, they are unlikely to do the same with the Internal Revenue Service. Scrutinizing past tax returns to see what was declared could provide information about possibly hidden assets.

Bank records should be investigated thoroughly. For example, there could be a canceled check for a large purchase that was undisclosed. The same is true for savings accounts. Deposits and withdrawals should open a window into the financial maneuverings a person made, often kept from their spouse.

Checking legal records can be a useful source to search for hidden assets. A large purchase such as real estate generally requires a person to borrow money. This will be on record at the local courthouse as will the appraised value of what they bought.

The spouse’s employer and friends might assist them in hiding assets. Perhaps the boss paid bonuses in cash or waited to pay it until the divorce was finalized. A friend could claim they were owed money only to return it later.

Seek a full accounting of marital property

Property division comes to the forefront in many divorces. To try and maximize the amount a person retains, they may try and use certain tactics to obscure various assets. Knowing these strategies can help a person get a full accounting of property to ensure it is distributed in a fair manner.

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