When A Spouse Hides Assets
At Russell W. Ray, PLLC, in Alexandra we understand how emotionally draining any family law issue can be. In some marriages, this is complicated by financial misdeeds. If you suspect your spouse of not being completely truthful about the assets in the marriage it may be time to consult a professional who can assess the situation and find hidden assets.
When warranted, we will enlist the help of financial specialists who can track down all assets and accounts. Without a truly accurate picture of all the assets, the marital assets cannot be equitably divided. Some spouses attempt to hide assets out of spite, secrecy, to hide illegal or unethical business practices or because they want to keep more of the money for themselves.
Where To Look For Hidden Assets
It is very common for one spouse to take care of the finances and the other spouse to run the household and deal with matters related to raising children. When only one spouse has oversight of the money, the other spouse may not know how to determine the value of the assets or even where to look. The most important place to look is on a tax return. Other areas to assess include:
- Additional bank accounts in the company name or name of another company employee
- Online bank accounts and offshore accounts
- Loan applications
- Prepaid gift cards of large amounts
- Supplemental income and loss statements
- Deductions that were taken
- IRA, 401(k) and other retirement-type accounts
- Investments including stocks, mutual funds and annuities
- Additions to collections or expensive furniture or art for the office
- Phony debt
- Deferred salary, holds on commissions or delayed bonuses
An experienced attorney will know where to look for undisclosed assets. With the help of forensic accountants and other financial professionals, attorney Ray and his staff can obtain an accurate financial picture of all assets in a marriage.
Discuss Your Specific Case In A Free Consultation
Get a free initial consultation with attorney Russell W. Ray to discuss your specific issue and find out how he and his staff can help. Call 703-552-4028 or send an email to initiate contact with the firm. For over 30 years, attorney Ray has served clients in Alexandria, Fairfax County, Prince William County and throughout Northern Virginia.