All people, married or not, should have their own independent sources of income. Those who are concerned about having to split all marital assets down the middle are best served by executing a solid prenuptial agreement instead of attempting to hide funds. Unfortunately, some people choose to make important financial decisions that could impact the size of their subsequent divorce settlements by moving money to off-shore accounts, setting up shell companies, and even depositing in the accounts of their relatives. If you believe that your estranged spouse has successfully hidden income or assets and has failed to divulge this information to your attorney, the services of a forensic accounting firm will be needed.
Tracking Hidden Sources Of Money
Whether or not you and your spouse shared joint checking accounts during the course of your marriage, there's no guarantee that you are fully aware of your former partner's net worth. If your estranged spouse has secretly made investments, formed any companies, or has business dealings in a foreign country, you may not have the ability to uncover accurate financial records on your own. Forensic accounting experts don't just look at the total sum of deposits and withdraws made in joint and personal bank accounts. The smallest breadcrumbs connecting your spouse's main bank accounts to secret safety deposit boxes and unknown credit cards can be traced, possibly revealing large stores of cash and assets that you may have a legal interest in.
Proving Malicious Intent During Divorce Proceedings
Although a judge may order you and your spouse to make full financial declarations detailing all of your assets and debts, the fact of the matter is that many parties going through divorce will attempt to conceal money. Once your divorce has been settled, it can be difficult to change the terms of your agreement renegotiate your divorce settlement. Hiring a forensic accounting expert is often advised for those going through a divorce with a spouse who is a self employed business owner. Your spouse may be receiving cash payment in exchange for services and fail to divulge this information to either your divorce attorney or the judge. On the other hand, a forensic accounting professional may be able to examine business loan applications or other important documentation that reveals how much your spouse is really earning annually.
Documenting How And When Joint Marital Assets Were Moved
Even if you feel that your estranged spouse is not being honest about his or her earnings, savings, and assets, you will need undeniable proof in order to get the best divorce settlement terms. Getting the help of a forensic accounting expert may aid you in showing a pattern of lies and omissions on the part of your estranged spouse, enabling you to request more spousal support and a larger share of your marital assets in divorce court.