One of the biggest problems associated with getting a divorce is being the "out-spouse", which is to say, the spouse that earns less money, and therefore more likely to be left with less total assets after the divorce is finalized. The fact of the matter is that many spouses that have more in the way of assets tend to hide such things from their out-spouse. Luckily, there are many things legally available to the out-spouse that helps them to discover their assets. If you're an out-spouse, this article is for you. Contained within are a few things you need to know about hidden assets and your divorce.
Finding Assets As The Out-Spouse
The first thing that you should do as the out-spouse is to ask your soon to be ex-partner for a copy of all of his or her or your entire family's financial records. If your spouse agrees to give all of those records to you up front, then the process probably won't be too painful at all.
However, the process is usually never this painless. Of all the bad things that can happen at this point, perhaps the least painful of these phenomenon is the simple fact that your spouse cannot find these records.
Perhaps you have lucked out and you and your spouse have agreed to an amicable divorce. As such, the two of you can usually work together to track down any information regarding these records. The fact that online accounting tracking usually can lead you to a number of your financial records means that sometimes this is not such a serious issue at all.
You can probably find any number of accounts related to your financial situation online, from your mortgage to the goings on of your bank account. The worst of the worst that can happen in this situation is, unfortunately, the very real chance that your spouse is hiding assets from you.
Even if you do not suspect that your spouse is hiding finances from you, it might be wise to consult with an attorney regarding how to detect whether this is truly the case.
If you suspect that your spouse is hiding assets from you, then your attorney can utilize a process that will allow them to reveal all of the assets that they might be hiding from you under a type of process entitled "discovery".
The discovery process varies from state to state, but, generally speaking, there are a number of ways that your lawyer might employ discovery.
First and foremost, there will be a demand for documents. This means that you can demand documents from your spouse that are specific to your shared financial situation. This includes loan agreements, account records, financial statements, and tax returns.
The second thing that you can come to expect from the discovery process is "requests for admission". During these requests, your spouse must answer – in writing, in a legally binding document – specific questions about your financial situation that you request. You may also ask to investigate specific pieces of property, such as drop boxes or P.O. boxes.
Finally, your spouse must give a testimony under oath, which is one of the most helpful things during the discovery process. Your lawyers must provide questions that must be answered by your spouse under an oath of law.
The fact of the matter is, making sure that your spouse is not hiding assets from you can be a difficult process. Luckily, this can be ameliorated by the presence of a lawyer and the process of discovery. Hopefully, this brief article has given you a bit of insight into both of these issues. For more information, see a website such as http://www.glfamilylaw.com.