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Hidden assets that should be included in divorce property settlement

On Behalf of | Jul 10, 2020 | Divorce |

Trust is an important component of any Missouri marriage. Once trust is gone, it is likely that a divorce is on the horizon. It is possible that this trust issue may translate to assets and finances. In fact, one’s soon-to-be former spouse may attempt to hide assets to keep them from being included in the property division settlement.

If the individual suspects that there may be hidden assets, he or she will want to investigate. One of the first places to look for hidden assets is within tax documents. Schedule A itemizes deductions and Schedule B details interest and dividends. The individual will want to review these documents to see if there is anything that does not look familiar. Schedules C, D and E may also provide needed information.

Typical hiding and/or secure locations are another source of possible information. A visit to the couple’s safe deposit box or a look through the home safe may provide details. If the individual concerned about hidden assets being a problem is the one filing for divorce, he or she may want to take an inventory of all assets prior to discussing divorce with the spouse. If the spouse is the one bringing it up, the individual will want to conduct an inventory as soon as possible.

If hidden assets are a possibility, it may be necessary to involve legal and/or financial advisors to discover what should be included in the property settlement. While some items may accidentally be forgotten or lost in the process, it may be that the other spouse was attempting to hide them. Experienced legal counsel can assist the Missouri resident in receiving an equitable property division settlement.

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