How to find hidden assets in a divorce?

During divorce proceedings it is not uncommon for some spouses to hide their assets prior to or during divorce litigation so that they are spared (unlawfully) from sharing these assets with their soon to be former wife or husband say divorce lawyers from Louisville, KY.

People want to keep what they have. This is the case for Michael Jackson who wanted to keep his Neverland playground but lost that because of his overspending and wasteful nature. This was after Lisa Marie Presley divorced him. Jackson never wanted to be divorced from Neverland but the way he spent money, he made his assets vulnerable.

Thankfully, all divorcing spouses are facilitated with some powerful tools and techniques in order to reveal such hidden assets if any and take appropriate action accordingly. The process of finding out if your spouse is hiding any assets from you during a divorce is called discovery and if you suspect that your spouse might be doing this to you, you can go ahead and consult a legal pro as soon as possible in order to find out what can be done about it.

Even in cases where you may not have rights or ownership to some or all of your spouse’s assets, it is vital to account for all of it during negotiations as this will surely influence the court’s decision when it comes to division of property and division of marital mortgage. The court will take the value of all property owned by a spouse into consideration when passing verdict in such matters according to Kentucky divorce attorneys.

When filing for a divorce, your tax situation will change. 

Discovery when you are the “out – spouse”

The “out – spouse” is a term lawyers use to refer to the spouse that was not generally involved in book keeping, or has limited to no information about financial aspects of the family or marriage, but your spouse on the other hand, knows all of this information very well and could easily, if he or she wanted to, hide this information from you.

This is when the process of discovery should be followed diligently, point out Louisville, KY divorce lawyers. It is possible that the spouse will hide assets from the out spouse so as to not lose these assets in the divorce. Lisa Marie Presley was not worried about this much since Jackson did not make too much money when they were married, his big money was already made, and he paid her to marry him anyway.

Divorces are ugly. They are a scar on your personal resume. They are a tarnish to your life’s resume but it can be worse, the divorce could be ugly which could affect your life for years to come. You need legal help. You need a fantastic legal representative working right near you. Too stressed out to try to find one? Go right here: Divorce.USAttorneys.com. This website has just made your life a little easier. Click and call!

Steps involved in the discovery process

The discovery process consists of some tried and tested methods which legal professionals will employ to extract information from you. Some of the steps that will be followed in the discovery process are:

• Documents demand – Tax return documents, financial statements, loan applications, and so forth will all be requested and your spouse will have to oblige and produce these documents, these will reveal any hidden assets.
• Written interrogations – Upon private investigation, the legal pro can send some questions to your spouse which they will have to answer in writing.
• Inspections demand – The attorney may request to and should be legally allowed to search things such as wine collections, safe boxes, and so on.
• Testimony under oath – The spouse will have to take an oath that he or she will reveal all assets. If later found to have lied, the spouse can be subject to legal action and this itself in most cases act as a huge deterrent to the spouse hiding any assets.

You may not want to hire a Louisville, KY divorce lawyer but a legal counselor will make your life much easier when  going down the divorce avenue. 

If you seem to have reached a roadblock in your divorce or have issues with division of assets, child custody, or any other matters, make sure to reach out to a Kentucky divorce lawyer. It is vital that you protect your rights.