Janet E. Boyle’s Answer Regarding Hidden Assets
There are many different ways to attempt to conceal hidden assets and income. Executives with major corporations may have hidden “perks” or stock ownership. SEC filings are a good source of information; all high-level executives’ compensation benefits, stock ownership and stock sales can be discovered.
Another method to discover any missing income or assets is to conduct a lifestyle analysis. A lifestyle analysis is conducted by a forensic accountant. A forensic accountant can also review all financial records and determine if there have been transfers to undisclosed accounts, purchases of undisclosed assets or payments of expenses of unrelated third parties. We know and work with the best forensic accountants in the Chicagoland area.
Read more about hidden assets: Three red flags that a spouse may be hiding assets during divorce
More On High Net-Worth Divorce:
- What happens if one party’s income plummets during divorce? Why does this happen?
- What should a business owner’s first step be to avoid disruption during divorce?
- In a divorce, do assets always get divided up equally?
- If a couple owns a business together, what happens to it when they divorce?
- Are there any unique issues when a professional – a doctor or dentist, for example – is going through a divorce?
- If one spouse spent money on an extramarital affair, can the other spouse reclaim it? What is dissipation?