Uncovering Undisclosed Assets
When you get a divorce, you have to deal with a lot of financial issues. The logistics of turning one household into two can be very complicated, and to ensure your property is divided fairly and that both partners receive adequate amounts of a child or spousal support, you need to know what assets everyone has.
During a divorce in Georgia, both parties have to fill out a Domestic Relationship Financial Affidavit (DFRA), but if you suspect your ex has omitted assets from this form, you need to contact one of the best divorce lawyers in Atlanta to help you uncover the truth. Here’s what you need to know about uncovering undisclosed assets in a divorce.
The Best Divorce Lawyers in Atlanta Can Review Tax Returns
Generally, if you think your partner is hiding assets, you should talk with your lawyer about your suspicions, and typically, the best divorce lawyers in Atlanta are likely to suggest looking at your tax returns.
Because most couples fill their returns jointly, you have legal access to your returns, and if you don’t have a copy, your attorney can obtain records from the Internal Revenue Service. The following schedules tend to have information on personal assets:
- Schedule B — This schedule includes lists of all mutual funds, brokerages, banks, and any other sources of dividends and interests, including money held in foreign accounts.
- Schedule D — This form shows capital gains and losses which can be a great starting part when you’re trying to find undisclosed assets.
- Schedule E — With information about rental properties, this schedule can help to unearth situations where spouses are hiding rental income or even rental properties.
You May Need Forensic Accounting to Find Undisclosed Assets
Sometimes, tax returns can reveal exactly what you need, and in other cases, they can simply point you in the right direction. Then, you may need to work with a forensic accounting expert to find hidden income or assets.
When the best divorce lawyers in Atlanta work with a forensic accountant to find hidden assets, they may uncover the following:
- Forged or falsified financial disclosures
- Secret bank accounts
- Money or assets that have been transferred to friends or family members
- Undervaluing certain assets
- Personal funds or investments hidden in business bank accounts
In some cases, spouses even use tactics such as overpaying quarterly taxes the IRS so that they can receive a refund after the divorce.
Why You Need a Full Financial Disclosure
When you build a life with someone, you share finances, and when that life is changed by divorce, you may be entitled to some of your partner’s assets. For instance, if they built a business while you took care of the home, you may be entitled to some of their assets. Similarly, if you share children, your ex may need to pay child support to ensure your child maintains a relatively similar state of living in both homes. If your partner doesn’t disclose all their assets, your livelihood may be compromised, and to ensure that doesn’t happen, you need to work with the best divorce lawyers in Atlanta.
To learn more and to set up a consultation with some of the best divorce lawyers in Atlanta, contact us today. At Daniele Johnson & Associates, we focus on divorce, child custody, visitation, and multiple other issues, and we can help you as you navigate this change in your family life.
Get your questions answered - Call to schedule a consult (770) 984-5311.