How Do Spouses Hide Assets?
How do you find out if your spouse is hiding assets? The Challenges Involved When Spouses Hide Assets in a Divorce. How to Find Hidden Assets in Divorce.
How Do Spouses Hide Assets? Common ways for hiding assets include off-shore accounts, transferring assets to friends or family members, cash held in safety deposit boxes or a safe, underreporting income on tax returns, overreporting expenses, and holding assets within a business and “cooking the books.”
How Do Spouses Hide Assets?
Forensic accountants compare many financial documents to find if the hidden assets or income was recorded and later removed as well as comparing the spouse’s spending to claimed income to find a discrepancy between claimed and documented income and assets. Documents reviewed typically include tax returns, personal financial statements, bank statements, loan applications, investment account statements, and business financial statements, and general ledgers. Review of personal finance programs such as Quicken and QuickBooks can also be very helpful in discovering asset hiding schemes. Hear Mason’s comments.
Memphis divorce lawyer, Miles Mason, Sr. JD, CPA presents continuing education to the Chattanooga Tax Practitioners. Mason is the author of the best-selling book, The Forensic Accounting Deskbook, published by the ABA Family Law Section. This updated edition of one the ABA’s most popular resources explains the practice of forensic accounting and business valuation and how to apply it in family law cases. It provides a practice-focused introduction to the core financial concepts in divorce, such as asset identification, classification, and valuation, income determination, expenses, and more.
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