Nancy L. Sponseller

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Reviewing bank statements during divorce may reveal hidden assets

On behalf of Law Office of Nancy L. Sponseller posted on Monday, April 28, 2014.

Ohio couples going through a divorce may find it to be a challenge both emotionally and financially. Property division may contain the worst of both worlds because it takes time and patience to sort out which assets are subject to division. This process can be made even harder when one spouse or the other is suspected of hiding some property that should be divided equitably between both parties. Fortunately, there are certain steps that can be taken that may reveal attempts to hide marital assets.

Experts recommend that tax returns be scrutinized during a divorce. Reviewing the documents might uncover hidden assets because some undisclosed properties may show up as something receiving tax-exemptions. Individuals might consider reviewing anything about IRA plans, pensions and annuities, which might have been kept secret but fall under divorce law’s equitable division rules.

Another good place to seek out signs of undisclosed money is on bank statements and cancelled checks connected to accounts held during the marriage. Any purchases or investments that do not sound familiar may be an attempt to shield some assets from property division proceedings. In addition, a cancelled check may reveal money that was given to one party’s friends and family, which might also hide the funds from scrutiny. If a spouse is unwilling to share documents regarding separate bank accounts, the other party may be able to ask the court to subpoena those documents so that the assets can be divided equitably.

Any property obtained during the marriage may be subject division. An attorney working with on member of a divorcing couple could help that client account for all divisible assets.

Source: NJ Biz, “Industry Insights: Discovering hidden assets in divorce“, April 21, 2014