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Accounting for all assets is important when filing for divorce

Dividing assets can be a difficult process, specifically when it comes to money. Money problems affect numerous couples in Massachusetts. For some, this is the sole reason for seeking a divorce.

According to a recent report, about every one in 20 married couples experiences some form of financial infidelity. This may include hiding money and bank accounts or attempting to cover up spending habits. Whatever the issue is, financial infidelity creates significant trust issues that some may not be able to overcome.

Those who may think a spouse is hiding money or other assets may want to consider digging for any information that could confirm their suspicion. As having a complete list of assets is vital in determining a fair division of property, taking the time to ensure everything is accounted for is certainly important. Even though this task may seem difficult, it is worth the effort.

If desired, it is possible to seek assistance in uncovering hidden assets. Those who wish to do it on their own can perform their own investigative work by checking files, account activity, statements and even pulling a combined credit report. Some assets may be found easily, while others may take a little more effort to uncover.

If assets are uncovered, but the spouse who holds those assets fails to report them when filing for divorce, it is still possible to have these items put on the table for division. This is where having proof of accounts or hidden money becomes so valuable. For couples in Massachusetts and elsewhere, figuring out the financial side of a divorce is often contentious, but, if both spouses bring everything they have to the table, it is possible for each party to walk away with a fair and balanced settlement.

Source: mainstreet.com, "Is Your Spouse Hiding Money and Assets From You? It's More Likely Than You Think", Nicholas Pell, April 23, 2015

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