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Is your soon-to-be ex-spouse hiding assets?

On Behalf of | Feb 22, 2023 | Divorce

When you decide it is time to divorce your spouse, one of your primary concerns is how you will financially afford to start your new life. It is a natural thought that you might have, and you should plan for that future. However, unless you handle 100% of the finances in your relationship, how do you know if your Evansville, Indiana, soon-to-be ex-spouse is hiding assets?

Trust, but verify

“Trust, but verify” is a Russian proverb that was popularized by former President, Ronald Reagan. And, it a useful way to deal with your finances during an Evansville, Indiana, divorce. You should always be amicable (trust), but always let your experts verify.

The honesty check

One of the most telling ways to see if your Evansville, Indiana, spouse is hiding assets is to do an honesty check. This is done in two ways. First, talk about your finances, assets and debts. Gauge how your spouse reacts to you broaching this topic. Do they seem honest? If they are open and honest, they may not be hiding anything, but if they change the topic, they are obviously hiding something.

An uncomfortable conversation

Next, talk about your accounts and assets, how much you have and where your assets are located, specifically, including trusts, insurance, retirement, etc. If you think they will ask why, again, think about how to respond to that inquiry based on them. Sometimes, honesty will work. Other times, you may need to rely on external sources like accountants and attorneys for help.

What if I still feel in the dark

If you still feel in the dark, you have two options: self-help or Evansville, Indiana, professional help. However, you can do both. For self-help, you will need to start going through your mail and any financial documents in the house to start building out your understanding of the marital estate, including a list of all of your accounts (banks, brokerages, etc.), assets, debts, insurance, insurance policies, etc. Keep in mind that there are some cryptocurrencies kept on physical hard drives that look like USB or computer hard drives.

This work may still not find everything though, which is why you may still need an Evansville, Indiana, forensic accountant, who may consult your divorce attorney as well.