Finding Hidden Income & Assets
June 8, 2022
The end of a marriage can be a hostile and contentious process for many couples. Some individuals choose to hide their income and assets when going through a divorce. It may be tempting to hide income and assets to keep the other spouse from getting a fair share of the property.
Hiding your assets and income from your spouse is not only unfair but also illegal. As a family law attorney who has practiced law for over 40 years in Kingsport, Tennessee, Attorney Steven C. Frazier understands the importance of finding hidden income and assets to ensure a favorable outcome for both spouses. Mr. Frazier will work to help you uncover hidden assets during the property division process in Kingsport and throughout Northeastern Tennessee. Set up an appointment to get started.
Tennessee’s Property Division Laws
Unlike many other states, Tennessee does not follow the community property law. Instead, Tennessee adopted the legal theory of “equitable distribution,” which means all marital assets must be divided between the spouses fairly. The court takes many factors into consideration when determining what would constitute an “equitable” division of property. Some of the factors include the length of the marriage, the age and health of each spouse, and the spouses’ separate property, among other factors.
How Spouses Hide Income & Assets
There are many techniques spouses use to hide income or assets before or during a divorce. Some of them include:
Purchasing expensive items that are likely to be overlooked when dividing property
Hiding cash at home or another place, including a safe deposit box
Underreporting income on tax returns
Voluntarily quitting a job or taking a pay cut
Creating a custodial account in a child’s name
Paying fake “debts”
Paying the IRS more than required to obtain a refund after the divorce
Unfortunately, it is not always easy to prove that a spouse is trying to hide income and assets. That is why many choose to contact an experienced attorney to help them perform an investigation and gather proof that a spouse is hiding income or assets.
Steps to Take to Find Hidden Income and Assets
There are certain steps you can take that could help you uncover the truth and prove that your spouse is hiding income or assets:
Hire an attorney. A skillful attorney understands where to look and what actions to take in order to find hidden income and assets. Hire an attorney if you suspect that your spouse is trying to hide income and assets. An experienced attorney will represent your best interests to strive to ensure that you receive what rightfully belongs to you.
Look for hidden assets and income in places you have legal access to. When looking for hidden assets or income, limit your search to the financial and bank accounts to which you have legal access.
Begin the discovery process. Many spouses find out that their soon-to-be-ex-spouse is hiding assets or income during the discovery process, which is designed to help spouses obtain information and documents in a divorce.
Reach out to legal counsel if you believe that your spouse is not completely open about their property, assets, or income. Hiring an attorney can make a big difference in the division of property.
Reliable Legal Guidance
You don’t have to go through this frustrating process alone. Speak with a knowledgeable family law attorney if you need assistance finding hidden income and assets during a divorce in Tennessee. Attorney Steven C. Frazier has a track record of success representing clients in Kingsport, Tennessee, and across Northeastern Tennessee in various family law matters, including those related to the division of assets. Get a case review with Mr. Frazier to discuss your legal options and start identifying what rightfully belongs to you.