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Making The Complex Understandable

Family law: Finding hidden assets in a divorce situation

When couples make the decision to part ways, the things they tell each other or don't tell each other may be skewed. Such is the case, at times, when it comes to divulging all assets. Louisiana family law, as in other states, requires full transparency when it comes to each person's assets. And there are some ways those assets may be uncovered if not disclosed voluntarily.

If one spouse believes the other to be less than honest when it comes to financial holdings, bank accounts might give the first clue. When it comes to a checking account, perhaps there are clues in cancelled checks. In terms of savings accounts, a partner could look at deposits and withdrawals to see if anything looks suspicious. It may be wise to ask for copies of these statements when gathering all this information.

Tax returns can also provide some insight into a true financial picture. Most people are honest on their tax returns for fear of the repercussions if they're not. The rule of thumb is to look at returns from as far back as five years to check for anything that is inconsistent. This may also shed light on any trusts, partnerships or estate holdings of which one spouse may not have been aware.

Family friends or employers may also be able to provide help, and if any funds were borrowed, a courthouse is the place to find that information. Family law rules are strict about divulging all assets. A Louisiana attorney may be able to help his or her client to unearth this kind of information in a divorce situation and suggest the appropriate recourse.

Source: liveabout.com, "7 Ways To Find Hidden Assets During Divorce", Cathy Meyer, Accessed on April 22, 2018

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