While there are countless scenarios in which you may experience change in life, forming a strategy for certain changes can be challenging at best. If you are facing the end of your marriage, you might worry about how the outcome of your divorce could affect your financial standing.
Like many others, you may consider your financial future to be an essential part of life and wish to prepare for the financial aspects of divorce. While forming a strategy, it may be in your best interests to be thorough when identifying marital assets, as this may help you uncover any that were previously hidden from sight.
Uncovering the presence of hidden assets
In community property states, such as California, all marital assets are divided equally among each party. Any assets that remain hidden might not be subjected to the process of property division, and some places to check for these assets may include the following:
- Recent tax returns: Looking over recent tax returns to identify any possible anomalies could help you uncover assets you may previously have been unaware of.
- Bank accounts: When looking through bank statements, checking for inconsistencies and cancelled checks could help you prevent a potential disaster.
- Lines of credit: Checking for loan applications at the courthouse may also be advisable, and should such a document exist, it may also include a detailed description of other assets you could be unaware of.
- Place of employment: A person may also attempt to have his or her employer withhold certain levels of income, or even bonuses or benefits, until after the divorce becomes final.
In some cases, a person may also attempt to hide assets with a friend or family member. Regardless of the methods one seeks to use, uncovering these assets could be vital, as they might have a substantial influence on the outcome of the situation.
Assistance in identifying marital assets
Knowing all the places to check for the possible presence of hidden assets at the end of a marriage can be an arduous endeavor. Fortunately, you don't have to undertake this task alone, and seeking guidance from someone with experience in such matters could prove essential to identifying all marital assets. This type of assistance could help place you in a much better position to seek the most favorable outcome possible during legal proceedings and help shift your focus toward opening a new chapter in life.