Mutual trust is often what makes two people decide to marry. Mistrust, however, is the cause of divorces and results in hidden assets in some cases. In Maryland, both spouses need to prepare before divorce if they want equitability later on. Before even discussing divorce with your spouse, it often helps to first tally up the assets you know he or she owns. The following examples are of asset types and common ways to uncover them. Such assets, without research, may be hidden in a divorce.
Placing money into unknown accounts
Though you’re married, you have the right to open bank accounts without your spouse knowing or his or her permission. These accounts are effective because no one knows where they are or what’s in them. Secret accounts are often used to hide credit cards. Through various accounts, your spouse can overpay taxes or transfer money into a safe deposit box.
Getting access to your spouse’s financial records
To do your research before a divorce, investigate your spouse’s financial filings for assets. If you’re not convinced regarding the divorce, your examination of your spouse’s finances should remain discreet. You don’t have to make any notion of your intent, especially, when you file joint taxes. In order to reveal hidden assets, you should ask your spouse about:
• Bank account statements and receipts
• Stock and CD certificates
• Property titles or living wills
• Simple cash savings kept from a bank
• Borrowed money and undisclosed debt
Using a business to store his or her assets
Business taxes must be filed, just like personal returns. Therefore, to confirm transparency, use tax information to find the losses or profits your spouse has listed. Your objective is to align any inflated or deflated data against the current business assets you find.
Keep in mind that your spouse can buy assets through a business and hide them this way. The suspicion that your spouse is hiding assets should be backed by research. Being bound to a legal marriage, spouses can face charges when lying about possessions.