Finding Hidden Income & Assets
Nov. 1, 2022
In a Kentucky divorce, the couples are often required to divide their marital/community property – assets and property acquired during the couple's marriage – between both parties equitably and fairly. However, some deceitful spouses usually try to play smart by hiding their property and income from their estranged spouse to avoid sharing such assets.
In order to uncover the truth and find any hidden assets, couples who suspect financial infidelity may demand an inspection, request for financial documents, or sort other legal assistance. A trusted Kentucky family law attorney can enlighten you about the divorce discovery process and help protect your best interests.
At Caleb Bland Law, PLLC, we have the skill and diligence to assist and guide clients in divorce and property division-related matters. Our trusted legal team can help conduct a thorough investigation, attempt to uncover any hidden assets and income, and guide you through the divorce discovery process. We're proud to serve clients across Elizabethtown, Shepherdsville, Brandenburg, Louisville, Radcliff, Jefferson County, and Hardin County, Kentucky.
Division of Assets in Kentucky
Kentucky is an equitable distribution state. This means that marital assets must be divided justly and equitably between the spouses. To achieve equitable property distribution, the Kentucky court will consider the factors below:
The length of the marital union
The contribution of each spouse to the acquisition of marital property
The value of assets awarded to either spouse
The economic circumstances and needs of each spouse
The liabilities and debts available to each spouse
Any other factor deemed necessary by the court to ensure equitable distribution
An experienced Kentucky property division attorney can investigate whether your estranged spouse is hiding assets or finances and guide you through the asset distribution process.
Commonly Hidden Assets or Income
According to a survey by the National Endowment for Financial Education (NEFE), about 43% of U.S. adults who have combined finances with their current or previous spouse have committed financial deception at least once. Here are some of the most common assets that are often hidden before or during a divorce:
Real estate property
Extra income made from royalties, rentals, or investments
Stocks and bonds
Life insurance with cash value
A trusted divorce lawyer can work diligently to uncover any hidden finances and assets and help recover what rightfully belongs to you.
Uncovering the Truth
Generally, Kentucky divorce laws prohibit couples from hiding assets, property, and income before or during a divorce. If you have reasons to believe that your soon-to-be ex-spouse has hidden their assets or income from you, you need to reach out to a reliable asset division attorney immediately. Your legal counsel can work together with a professional forensic accountant to assess and investigate the following:
Complete statements for all of your financial accounts
Joint income tax returns
All personal and business transactions
Any personal or business loans obtained recently
However, when in search of hidden assets, only look into places you can access legally. Your attorney can enlighten you about how you can employ the divorce discovery process to investigate your estranged partner for financial infidelity.
The Divorce Discovery Process
Divorce discovery is an important legal tool often employed by divorcing couples to uncover hidden finances and assets in a divorce. Depending on your unique circumstances, you may use any of these divorce discovery methods:
Request for Financial Documents
Your lawyer can obtain necessary documentation and relevant information or request specific financial records from your estranged partner. These include bank statements, financial documents, loan applications, and income tax returns.
Demand an Inspection
In addition, you can ask to inspect any property, site, or possessions owned by your spouse. These include vacation homes, safe deposit boxes, workplaces, and wine collections.
Give Testimony Under Oath
This requires calling upon your spouse to answer any question asked by your legal counsel or give testimony under oath. In the oral deposition, your spouse is compelled by law to speak nothing but the truth.
Request for Answers to Written Questions
Also, your partner may have to answer written questions referred to as "interrogatories" or "requests for admission." Here, your partner will respond to the questions in writing or admit to some allegations that are probably true.
A dependable lawyer can guide you through every legal step involved in the discovery process and help investigate financial records, account statements, as well as other areas and documents with legal access.
Don't Face Divorce Alone. Call Now.
Financial infidelity is illegal and unethical and can make it difficult for divorcing spouses to divide marital assets equitably. Fortunately, spouses who suspect financial infidelity in their divorce may be able to unearth any hidden assets through divorce discovery. An experienced family law attorney can enlighten you about your available options and help you navigate crucial decisions.
At Caleb Bland Law, PLLC, we're dedicated to offering skilled and knowledgeable advocacy to clients in complex divorce cases involving financial infidelity. Using our in-depth legal understanding, we can guide you through every legal step involved in the divorce discovery process and work meticulously to uncover any hidden assets, income, properties, and finances.
If you suspect your estranged partner of financial infidelity in your divorce, contact Caleb Bland Law, PLLC, today to schedule a simple consultation. Our trusted legal team can fight compassionately for your best interests and help recover what is rightfully yours. We proudly serve clients across Elizabethtown, Shepherdsville, Brandenburg, Louisville, Radcliff, Jefferson County, and Hardin County, Kentucky.