People get divorced every day. Unfortunately, not everyone properly prepares for divorce. Now that you and your husband are one step away from calling divorce attorneys, you should take the time to do some research — not just research about divorce proceedings in Tennessee: You should do research on your marital property. Do you really know about everything that you and your husband have acquired since your marriage? Do you know about every investment account? What about that bank account in the Bahamas? Or the property he purchased in Florida last year?
Many people are tempted to hide assets if they think that divorce looms on the horizon. This means that you should not rely on the financial information that your husband provides during the divorce proceedings. Instead, take the necessary actions to discover all the assets that you have a claim on to ensure you get a fair divorce settlement. An experienced divorce attorney in the Knoxville area can help you protect your interests. Here are some tips to discover hidden assets.
1. Pull out prior year tax returns
Your joint tax returns are a great place to start looking for investment accounts. This is because your returns should include any interest, dividends or stock sales from these accounts. It will help you form a list to compare to the information your future ex-husband is providing.
2. Search public records
Real estate is a matter of public record. If you suspect your husband has real estate that he has not told you about, do a public records search for his name.
3. Look over W-2s and pay stubs
Your husband must disclose his income, including bonuses. If his pay stubs and W-2s do not correspond with the deposits in your known bank accounts, he might be hiding the money elsewhere.
4. Check bank statements
Take the time to go over your bank statement and look for any recurring payments or transfers that go toward questionable items. If you do not know where the money is going, he might be making payments on other property that he is hiding from you.
5. Examine credit card statements
Just like with the bank statements, review the credit statements to ensure there are not any large or recurring purchases made that you do not know about.
6. Balance the budget
Take the time to compare your monthly family expenses with the monthly income. If the expenses are more than the income and you have not had to dip into the savings account to make any payments, then income might be coming from another source.
If you are on the verge of divorce, it is important to take the time to protect your interests. This means taking the time to pour over every detail of the household finances.
Source: Nov. 30, -0001