Introduction to Hidden Assets-What You Need to Know
Financial Cases Involving Hidden Assets
Financial cases can become quite complicated when hidden assets are involved. Hidden assets are funds that don’t appear on a regular balance sheet. Sometimes a spouse hides money from their partner during a divorce. Hidden assets can be difficult to uncover, but locating them isn’t impossible. This article introduces the concept of hidden assets and explains how you can find money that’s rightfully owed to you.
Why Do People Hide Assets?
Both individuals and businesses hide assets for many reasons. Divorce is one common scenario. A spouse may underreport their income to avoid paying high child support payments. People and businesses also hide assets from lawsuits, creditors, college financial aid offices, and even the IRS. People hide assets for financial gain, but serious consequences can follow if someone discovers the deception.
If you’re on the other side of the table, hidden assets pose a serious concern. They can hurt your bank account and your livelihood. Hidden assets can be hard to detect, but people use several common methods to hide assets from businesses, spouses, and others.
How Do People Typically Hide Assets?
Transferring money between bank accounts remains the simplest and most common method. With proper planning, a spouse can open a bank account and hide assets there without their partner ever knowing.
Some people use a friend’s bank account instead. This works like opening a second personal account at another bank, but it removes the need to tie the account to their own name or address.
Prepaid credit cards offer another way to hide assets. When someone buys a prepaid Visa card with cash, tracing where or how they spend that money becomes difficult. Some people go a step further and use foreign debit cards and banks to conceal their money. Certain foreign debit cards let people anonymously store up to $10,000 at a time—sometimes more. Without professional help, an average person or business will struggle to trace this money.
People also hide assets within trusts, shell companies, and Swiss bank accounts.
Keep in mind that hidden assets go beyond hard cash. Commonly hidden assets also include bonds, stocks, travelers’ checks, guns, jewelry, vehicles, and artwork.
Techniques to Uncover Hidden Assets
When you hire a professional investigator like Able Investigations, they use several techniques to locate hidden assets. They look for clues in income tax returns, interest from tax-free bonds, real estate and personal property taxes, cash flow in business dealings, and loan applications.
Contact Able Legal Investigations to Track Down Hidden Assets
People hide assets in numerous places, and uncovering them takes an experienced professional. Whether your financial investigation is personal or professional, contact Able Legal Investigations today. We can help you detect hidden assets, even in the most obscure places.