Financial transparency is a necessity when it comes to marriage. In many cases, however, one spouse may handle all of the couple’s finances, leaving the other spouse in the dark as to understanding where money comes from and where it goes. It’s common in many marriages for spouses to hide what they have spent on small things, such as clothes, jewelry, hobbies, and personal interests like golf, wine collections, housewares, and more. When facing divorce, however, some spouses will try to hide even more so that when the divorce is finalized they will walk away with an unfair share of marital assets and financial holdings. When that happens, the other spouse (known as the “out-spouse”) will need to know that it’s possible to find those hidden sources of money or assets and how it can be done.
Do you believe your spouse has hidden assets in a pending divorce? Get seasoned legal help from our skilled attorneys at Hope Law Firm. Contact us at (515) 305-2772 to arrange for a consultation.
Finding Hidden Assets in an Iowa Divorce
As the “out-spouse,” you may have had little to do with tracking the finances in your marriage. That means you may have to start from the very beginning by asking your spouse to give you copies of all of the records that pertain to bank accounts, income, investments, and more. If you meet with resistance, it might be a sign that your spouse is hiding something. However, through the legal process of “discovery,” the information you need can be obtained. In this process, information is “discovered” through various methods, such as through depositions, demands for documents, inspections, and getting answers to questions in writing.
Common areas where money may be hidden can include the following:
- Income that is not reported, such as cash income from businesses.
- Payments for fake services or products for a friend or family member. This money is held by the friend or family member and then returned once the divorce is complete.
- Holding off on receipt of pay raises, bonuses, or stock options until after the divorce is completed.
- Cash conversions into hobby equipment, art, office equipment, or other assets followed by a devaluation of their worth.
- Payment of a fake debt to a friend who will then return the money after the divorce is completed.
- Setting up accounts with online banks where transactions of cash are funneled without the knowledge of the other spouse.
- Accounts set up in a child’s name (custodial accounts) that use the child’s social security information without the knowledge of the other spouse.
- For business owners, setting up fake employers and writing checks to them. The checks are then voided after the divorce.
- For business owners, delaying new business contracts until after the divorce is complete.
To ensure that you discover all the assets or money your spouse may be hiding, it is highly advised that you work with an attorney who is experienced in this matter.
Hope Law Firm Provides Capable Legal Support
If you are facing a divorce or a dispute over marital property and debt in Des Moines or elsewhere in Iowa, you can turn to Hope Law Firm. Our deep experience and legal insight is based on over 1,000 family law cases that we have handled over the years. We understand how difficult and emotionally-challenging these issues can be which is why our support is sensitive to your needs and the stress you may be under. We have the proven track record you need for peace of mind while undergoing your legal proceedings.
Reach out to our legal team at (515) 305-2772 for the skilled help you need today.