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Reviewing tax returns can help with catching hidden assets

There are certain things that could endanger your ability to get the fair property division settlement you deserve when getting divorced. One is your spouse hiding assets.

When this unjust conduct occurs, it is important to detect it early. The sooner hidden property is spotted, the sooner actions can be taken to prevent the concealment from leading to an unfair outcome in your divorce.

This is among the reasons why taking an asset inventory is such an important step when preparing for a divorce. It can help you get a full picture of what property you and your spouse acquired over the marriage.

Among the documents it is important to review in such an inventory are tax returns. They can provide a great deal of asset and income information related to a marriage. Among the things it can be critical to look at when reviewing such returns in preparation for a divorce are schedules regarding:

  • Itemized deductions
  • Dividends and interest
  • Capital gains and losses
  • Business profits and losses
  • Supplemental income and losses

The information in such schedules can be used to determine if there are income and assets one’s spouse reported on tax returns that he or she isn’t otherwise disclosing. Discrepancies could be a warning sign of asset hiding.

Skilled family law attorneys can help individuals in Virginia who are preparing for a divorce with checking tax returns and other financial documents for red flags of hidden property. They can also assist with responding to suspected asset concealment by a spouse.

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