5 Ways an Attorney Can Uncover Assets in a Family Law Case
In many family law matters, financial transparency is critical. Each party is required to provide an accurate picture of their income, assets, and debts. While this is well known, it’s unfortunately common for one party to hide or misrepresent their financial situation in an effort to gain an advantage.
There are a range of ways a legal professional can ensure all assets are accounted for. If you suspect your soon-to-be-ex is not fully forthcoming with financial numbers, connect with a West Palm Beach family attorney. A lawyer can uncover hidden assets and ensure a fair financial outcome in the following ways.
#1. Thorough Financial Discovery
Discovery is the legal process of gathering information and evidence from the other party. A family lawyer can use formal discovery tools, such as interrogatories, requests for production of documents, and depositions, to access financial information. If someone is attempting to hide assets, their story often unravels when asked to provide supporting documentation under oath.
#2. Analyzing Tax Returns and Bank Statements
Tax documents can reveal far more than annual income. A savvy attorney can spot inconsistencies between tax returns, W-2s, 1099s, and bank statements. For example, a person claiming low income but making large, unexplained deposits may raise red flags. A lawyer trained in financial analysis will look for patterns that indicate off-the-books income or hidden accounts.
#3. Working with Forensic Accountants
In complex or high-asset cases, attorneys often collaborate with forensic accountants. These professionals can uncover undisclosed investment accounts, property purchases made in someone else’s name, or shell businesses used to obscure wealth. Your attorney will know when it’s time to bring in these specialists to dig deeper.
#4. Subpoenaing Third Parties
If a spouse is not cooperating or is suspected of hiding assets, an attorney can issue subpoenas to banks, employers, or other financial institutions. These third-party records often provide a clearer, unfiltered view of financial activity. This could uncover accounts or income sources that were conveniently left out of initial disclosures.
#5. Investigating Spending Habits
A person’s lifestyle often tells the real story. If someone claims they’re broke but continues to drive a luxury car, travel internationally, or make high-end purchases, it could point to hidden income or assets. Family lawyers know how to gather and present this type of circumstantial evidence to support claims of financial dishonesty.
Hidden assets can significantly impact property division, alimony awards, and child support determinations. Whether you’re going through a divorce, seeking a support modification, or trying to enforce a previous court order, your financial future may depend on ensuring that all income and assets are tallied.
Should you suspect your spouse or co-parent isn’t being honest about their finances, consult with an experienced West Palm Beach family attorney. With the right tools, resources, and expertise, your attorney can uncover the truth.
Do you feel like you are going into a family law dispute blind to the financial realities? Have a discussion with the legal team at Bruce S. Rosenwater & Associates. Schedule a confidential consultation today.
