During a marriage couples in Kentucky share a life together. However, if they divorce they must split that life they shared together. This is not always an easy process and often it is also an emotional time in everyone’s lives which can make the process even more difficult. Despite this fact couples still do need to divide all of their marital assets they acquired during the marriage during the divorce. This process starts with determining the amount and types of marital assets the couple have in their possession.
The assets people need to determine can be bank accounts, retirement accounts, investment accounts, homes, vacation homes, stock, vehicles, businesses, collectables, household goods and many other types of property. This may seem like it should be pretty straightforward, but in many marriages each spouse may not be aware of all the assets the other one has in their possession or may not know the amounts in various accounts. Also, one spouse may want to hide some assets to avoid having to give them to the other spouse.
Ways to find hidden assets
There are many different ways that people may try to hide assets, but generally there is some record of the asset somewhere, its about finding that record. Below are some ways people can find them.
- Tax Returns – people need to look at not just the income, but all the schedules contained in the tax return that may state assets that a spouse may not be aware exist or may state the asset is more valuable than they realized.
- Bank account statements – by looking through bank accounts people may find transfers, ATM withdrawals, checks or cancelled checks that a spouse may have made in the last few months or years.
- Official public records – people can check for mortgages, loans, tax assessment records and other public records may disclose additional assets.
- Keep in contact with friends and family – people may try to hide money through friends and family by loaning them money only to have it returned after the divorce.
There are many aspects of a Kentucky divorce. One of the most contentious aspects, especially in a high-asset divorce, is the property division. Experienced attorneys understand these complicated matters and may be able to guide one through the process.