Financial cases can become quite complicated when hidden assets are involved. Hidden assets consist of money that isn’t present on a regular balance sheet, or even money that is hidden away from a spouse during a divorce. Hidden assets can be complicated to uncover, but not impossible. This is an introduction to the concept and discovery of hidden assets, and how to locate money that is rightfully owed to you.
Why Do People Hide Assets?
Both individuals and businesses hide assets for all sorts of reasons. One common scenario is hiding assets during a divorce—a spouse may underreport their income as an attempt to avoid paying high child support payments. People and businesses may also hide assets from lawsuits, creditors, college financial aid, and even the IRS. Assets are hidden as an attempt of financial gain, but if discovered, serious consequences may endure.
If you’re on the other side of the table for hidden assets, it’s a serious concern that can be detrimental your bank account and livelihood. Hidden assets can be difficult to detect, but there are several common methods that are used to hide assets from businesses, spouses, and more.
How Are Assets Typically Hidden?
The most simple and common way for a spouse to hide assets from another is transferring money from one bank account to another. If planned properly, a spouse can easily open a bank account to house hidden assets without their spouse ever knowing.
Another way that people try to hide assets is by using a friend’s bank account. This is the same concept as opening a second personal account at another bank, but this eliminates the need to tie in a name or address.
Prepaid credit cards are also another way to hide assets. By purchasing a prepaid Visa card with cash, it will be difficult to prove where or how money is being spent. Some go a step further and even use foreign debit cards and banks to conceal money. There are foreign debit cards that allow people to anonymously store up to $10,000 at a time on one card, sometimes more. This can be very difficult for an average person or even business to trace without the help of a professional.
Furthermore, assets can be hidden within trusts, shell companies, Swiss bank accounts, and more.
Keep in mind that hidden assets go beyond just hard cash. Other commonly hidden assets include bonds, stocks, travelers’ checks, guns, jewelry, vehicles, artwork, etc.
Techniques to Uncover Hidden Assets
If you hire a professional such as Able Investigations to locate hidden assets, there are several techniques that are used. Clues of hidden assets can be found within income tax returns, interest from tax-free bonds, real estate and personal property taxes, cash flow in business dealings, loan applications, and more.
Contact Able Legal Investigations to Track Down Hidden Assets
There are numerous hiding places to conceal assets, and it takes the work of an experienced professional to get to the bottom of your financial investigation. Contact Able Legal Investigations today whether your financial investigation is personal or professional, and we can help detect hidden assets even in the most obscure places.