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Does Your Spouse Have Hidden Assets?

On behalf of Emy A. Cordano, posted in Divorce On Friday, September 1, 2017

A good, healthy marriage is based on trust. We all have secrets. But when those secrets affect your relationship, they can often come back to haunt you later. Marriage is a partnership where both parties are making a commitment to share their life together. And one of the biggest components is sharing your finances and assets. But when a marriage falls apart, many people resort to hiding many of the most valuable assets from their partners. Fortunately, there are ways to track down any hidden income and other assets.

Determining the Division of Assets

Divorce can often get complicated. One of the most complex issues is the division of assets. The first step is to consult with an experienced and knowledgeable divorce attorney
When determining the full financial inventory of each spouse, assets are separated into three different categories:

  • Marital Assets: These are assets acquired strictly during the marriage.
  • Commingled Assets: These are a mixture of marital assets and separate property. The most common examples are retirement funds and bank accounts.
  • Separate Assets: These are assets that were acquired prior to the marriage or after a separation. They can also be any inheritance or gift.

Are You The “Out Spouse”?

In many marriages, one spouse is often in charge of handling most of the financial decisions and bookkeeping responsibilities, whether it is filing taxes or balancing the checkbook. Divorce attorneys often refer to the spouse who does not participate in most of the financial decisions as to the “out spouse”. In these instances, the out spouse generally does not have the same level of access to the couple’s financial situation. If you are our spouse, the first step is to ask your partner to make copies of all marital financial records. A cooperative spouse can make the process much easier. Unfortunately, that is rarely the case–especially when there is tremendous acrimony in the fractured relationship. The good news is most financial records can be found online. If you are unsure of any accounts, contact any banks, mortgage companies, retirement plan advisors, or any relevant financial institutions during your marriage.

A Divorce Attorney Can Help with the Discovery Process

If you have made the difficult decision to file for divorce in Utah, it is vital to know all of the assets acquired during your marriage. If you have any suspicion your spouse is hiding any assets, it is important to contact a Salt Lake City divorce attorney with a track record of helping clients through the discovery process. The attorney can make requests for several important types of financial documentation from your spouse, including tax returns, loan applications, bank account records, financial statements and much more. By utilizing the discovery process, your spouse will also have to answer specific questions in writing. It is the most effective method to gain financial information from an uncooperative spouse.

Contact Salt Lake City Divorce Attorney Emy A. Cordano for a Consultation Today

For nearly two decades, Salt Lake City divorce attorney Emy A. Cordano has utilized an aggressive and comprehensive approach to help place clients in the best position to succeed. As someone who has gone through the divorce process herself, she understands many of the obstacles and challenges facing her clients. To learn more, contact her Salt Lake City family law office today and schedule a consultation to discuss your case.

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