Over the past 15 years, the landscape of asset searches has undergone significant changes. What used to predominantly involve investigations for litigation, lawsuits, judgments, or fraud cases has now shifted, with an increasing number of asset investigations being linked to divorce proceedings. An insightful article from IFA Magazine delves into this evolving trend, highlighting that hiding assets is not exclusive to the super-rich – it has become a strategy employed by individuals from various financial backgrounds.
The Changing Face of Asset Searches
Until just a few years ago, the majority of asset searches were tied to legal battles – someone with a lawsuit, judgment, or a case of fraud or scam necessitated an asset search investigation. However, the landscape has shifted, and over the last two to three years, divorce proceedings have become a prominent focus of asset investigations.
Not Just for the Wealthy
The notion of hiding assets in divorce is not limited to the wealthy elite. The article emphasizes that even individuals with family estates worth a few hundred thousand dollars, including a residence, IRA, and retirement funds, engage in such practices. The motivation is simple – if one can conceal a significant amount, it translates into extra money in their pocket, especially considering potential division in divorce settlements.
A Quote from Legal Perspective
Quoting a law firm, the article underlines that not only the wealthy but also high-earning partners have a lot at stake in divorce. Some may attempt to hide assets, and this has become a normal occurrence even among average individuals. The evolving landscape suggests that people increasingly perceive the possibility of soon-to-be ex-spouses concealing assets. However, proving such concealment can be challenging, necessitating the need for thorough investigations.
The Importance of Evidence in Divorce Proceedings
In divorce cases, having a sense that one’s soon-to-be ex-spouse is hiding assets is one thing, but presenting evidence to the court is another challenge altogether. A proper asset search investigation becomes crucial in providing the necessary evidence for the judge. This evidence serves to demonstrate the existence of undisclosed assets, ensuring that the court can take appropriate steps to bring these assets into the divorce settlement.
Unveiling Hidden Assets
Even in cases where the financial stakes might seem relatively modest, such as with an estate worth eighty or ninety thousand dollars, attempts to hide a portion of it can occur. A person might try to conceal $30,000, envisioning a benefit of $15,000 in their favor. In such scenarios, a robust asset search investigation becomes instrumental in ensuring that all assets are transparently disclosed and incorporated into the divorce settlement.
Securing Fair Settlements
As asset searches evolve, becoming an integral part of divorce proceedings, individuals are urged to recognize the importance of transparency in financial disclosures. Whether in high-net-worth cases or more modest estates, the practice of hiding assets can significantly impact the fairness of divorce settlements. A thorough asset search investigation not only helps uncover hidden wealth but also ensures that the court can take appropriate measures to guarantee a just distribution of assets in divorce cases.