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What will an attorney do to ensure my spouse doesn’t hide assets from the court? P.3

We’ve been looking in recent posts at the topic of asset-hiding in divorce, and some of the steps that can be taken to ensure a spouse obtains full disclosure of assets. As we mentioned last time, spouses sometimes try to hide assets in business transactions, so this possibility needs to be kept in mind when there is a business involved.

Money can be hidden, for instance, in payroll account deductions and deposits, so these records should be requested in discovery and examined for suspicious transactions. Business-related tax return documents can also be requested, particularly Schedule K business distributions and Schedule C business deductions. 

Another important task when there is a business involved in divorce is to obtain an accurate valuation of the business. Obtaining the documentation necessary to do this can be a challenge. An experienced attorney will understand how to make use of the discovery process to obtain the necessary information. This can include deposing business partners and customers, obtaining subpoenas for payroll records, and obtaining protective orders when necessary.

Also important to consider, in any divorce case, is alternative or lesser-known avenues for hiding assets, such as cash, paying ahead on bills, investing in bitcoin and real coins, paying for future services, buying gift cards, and putting money in safe deposit boxes. Considering these possibilities allows a spouse, with the help of an experienced attorney, to ensure no stone is left unturned so that assets are fully disclosed and that a fair division of marital property is reached. 

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What will an attorney do to ensure my spouse doesn’t hide assets from the court? P.3 | Peter A D'Angelo, Attorney at Law, PLC