An asset search is the research, analysis, and documentation of various types of records to determine the assets owned by an individual, group of individuals, or organization. Asset searches are used for a number of reasons including determining the wealth of individuals who owe you money from a judgment or determining the assets of an estate or searching for hidden assets in a divorce case. An asset is anything that has monetary value and includes bank accounts, automobiles, property, and businesses; less common assets include things like art, life insurance policies, trademarks, leases, and patents.
How does an asset search work?
There are a wide variety of assets that can be searched and it takes great skill to find valuable information in a set of data. Each class of assets requires a specific search process. Asset searches are run by private investigators, lawyers, or other qualified individuals. Typically, these searches use public records as well as databases available to authorized parties. An asset search not only reveals assets but can also find assets that have changed classes potentially poised to be hidden.
Some of the most common assets searched are:
- Property – Real estate, land, buildings, aircraft hangers, and more
- Vessels – Boats, yachts, and other marine vessels
- Vehicles – Cars, vans, and other types of vehicles
- Jewelry – Precious jewelry such as gold and diamonds
- Aircraft – Planes, jets, and helicopters
- Watches – Expensive timepieces such as Rolex
- Artwork – Fine art including paintings and sculptures
- Collectibles – Antiques and rare items that are popular among collectors
- Bank accounts – Savings or checking accounts held by financial institutions
- Investments – Stocks and bonds or any security backed by an asset, cryptocurrency investments
How can an asset search help your case?
Gathering information about the debtor’s assets is a crucial step in the legal process. An asset search is a process of collecting information about a debtor’s known and unknown assets, but it can also help you understand the debtor’s financial situation. The information you gather from an asset search can help you determine if you should pursue legal action, how much you should ask for in damages, and what your likelihood of recovery is. An asset search helps to catalog the debtor’s assets and the likelihood of recovery. It can also uncover additional sources of income or evidence that assets have been moved. In some cases, an asset search may reveal that the debtor has dissipated their assets fraudulently or concealed ownership of them.
Asset searches are usually performed by private investigators, who use their expertise in conducting investigations and analyses to provide an accurate account of all available assets owned by an individual. Asset searches can be time-consuming and tedious, as they require a lot of research to get accurate and authentic results.
In conclusion, an asset search can be extremely beneficial in your case. Being aware of the assets helps a creditor collect their money in the event of a judgment or divorce, and it prevents debtors from hiding assets. If you’re looking to begin an asset search, make sure the company you choose has a specialty in this area. Similarly, always get good legal advice for any legal situation before proceeding. We are not attorneys nor are we providing legal advice. Whether you’re seeking the aid of a professional, or you have the capabilities to carry out your own research, asset searches are helpful in more ways than one.