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Are hidden assets going to derail your post-divorce finances?

On Behalf of | Jan 20, 2022 | Uncategorized |

Although divorce can be a tremendously emotional process, it can also be a massive financial transaction. This is especially true if there are a lot of marital assets in play, including real estate, personal property, and investment accounts. Therefore, as you navigate your marriage dissolution and its property division process, you’ll want to make sure that you’re doing everything you can to secure your fair share of the marital assets.

Look for hidden assets

While Ohio requires equitable division of marital assets, you’re only going to be able to recover your fair portion of the marital estate if you ensure that all marital assets are included in the property division process. That might sound simple enough, but the fact of the matter is that spouses oftentimes hide marital assets with the intent of removing them from the property division process and securing them for their own personal use post-divorce. This can occur in a number of ways, from stashing cash in hiding spots to retitling vehicles in the name of a family member or friend.

If that has you feeling nervous, don’t worry. There are steps that you can take to try to discover hidden assets and loop them back into the divorce process. Those steps include:

  • Analyzing financial records to spot red flags, such as unjustified and unexplained withdrawals or expenses
  • Scrutinizing credit card statements to determine what your spouse is spending money on, especially since you could be splitting that debt with your spouse
  • Securing a financial expert to comb through business records when a family business is in play, ensuring that a proper valuation is conducted and that any reported losses are correct
  • Conducting appropriate discovery during your divorce case to ensure that you can access the information that you need
  • Working with a forensic accountant to identify any red flags of hidden assets that need following up

Approach your property division in a comprehensive fashion

Remember, these are just a few of the steps that you can take, so you may want to discuss the specific facts of your case with an experienced attorney who can give you the customized approach that is right for you. After all, if you want to maximize your chances of obtaining the most favorable outcome possible under the circumstances, then you’re going to need a comprehensive, thorough, and aggressive legal approach to your case.