Going through a divorce is tough enough without feeling that your spouse is hiding money or assets, but if you’ve found yourself in circumstances where they may be doing just that, then you need to work on locating those missing assets.
It’s possible to find hidden bank accounts, stocks and other assets if you take the time to do so. Forensic accounting is one method often used to identify these assets, and it could help trace where money is going when you’re not sure.
It’s common for people to hide money in hidden bank accounts
When someone knows that their marriage may be coming to an end, it’s not uncommon to see them save some money away in a bank account. They need to disclose that they have this account during the divorce. If they do not and you don’t know about it, it’s possible that the assets could be missed, and you won’t get your fair share.
If you see a lot of withdrawals for cash but don’t know what your spouse is spending them on, it’s worth considering that they may be storing cash somewhere or putting it into an external bank account that you don’t know about.
How does forensic accounting help?
Forensic accounting can help you see where money is going out of shared accounts. For example, the accountant can look at your account and see three withdrawals that are unusual and that are routed to an external account that hasn’t been reported. They may be able to look at your taxes to see if your spouse paid more in advance to try to hide that money off the books, too.
To find hidden accounts and missing money, you do need to look around your home in crawl spaces or filing cabinets. Check your tax returns, and look over your banking statements. If you still don’t see what you’re looking for, you may want to talk to a forensic accountant and include their findings with the information that you provide to the court during your divorce. This could help you get back missing assets and have your spouse held accountable for trying to withhold information during the divorce process.