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Are forgotten assets the same as hidden assets?

On Behalf of | Jun 20, 2022 | Divorce

Going through a divorce, you’re expected to disclose all your assets and property. When you think about your life and all the things you’ve invested in or purchased, you may come to realize that you’re not exactly sure what you have. You may have much more than you think, which can make it difficult for you to disclose it all.

In a divorce, hiding assets is against the rules. If you hide assets intentionally and the judge finds out, then you may end up facing serious consequences. That’s why disclosing what you have matters so much.

Forgotten assets aren’t the same as hidden assets, but your future ex-spouse might claim that not disclosing them was intentional. That could get you in trouble.

How do you make sure you disclose everything you can?

One of the things to do is to talk to a forensic accountant. This accountant will look for investments and assets of all kinds, helping track down items you own but may have forgotten about.

The nice thing about working with a forensic accountant is that they won’t necessarily just be focusing on you. They’ll also look into your spouse’s accounts and property, making sure you both have as much information about the assets you own as possible.

It’s possible that you and your spouse could both hire your own forensic accountants. If that’s the case, it’s valuable to compare their findings with the disclosures you’ve both made. That way, you’ll be able to see as many assets as possible for the purposes of dividing them.

What if your spouse finds out about missed assets later?

Even if you didn’t intentionally withhold information about that asset, they may still have a claim to it. It is helpful to do as much research into your assets as you can now, so you can minimize the risk of this happening.

If your spouse pushes the issue, they could end up taking you to court and asking for a share of, or all of, the asset that you did not disclose. That’s something that you don’t want to have happen and an issue you can discuss with your attorney to prevent it from occurring.