Taylor Scott
Divorce is a complex process that involves many financial considerations. In the United States, it is common for spouses to hide assets, with two-thirds of marriages having hidden assets, according to the National Endowment for Financial Education. This can take the form of undisclosed bank accounts, abnormal withdrawals, transfers to unknown accounts, or even cash stored in a safe deposit box. To uncover these hidden assets, individuals can utilise a process called
| Characteristics | Values |
|---|---|
| Bank records discoverable in a divorce | Bank records can be discovered in a divorce through various methods, including subpoenas, forensic accounting, and credit report reviews. |
| Discovery process | Discovery is a formal legal process where lawyers can request specific documents, such as tax returns, financial statements, loan applications, and account records. It also includes inspection demands and written questions that the spouse must answer under oath. |
| Hidden assets | Spouses may hide assets in various ways, such as secret bank accounts, safe deposit boxes, or by withdrawing large sums. Discovery tools can help uncover these hidden assets. |
| Role of attorneys | Divorce attorneys can help uncover hidden assets and ensure a fair split of assets. They can subpoena bank records, employ forensic accountants, and review credit reports. |
| Timeframe | There are no specific rules on how far back discovery requests can go, but they should be relevant to the case. |
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What You'll Learn
Discovery tools and processes
If you suspect your spouse is hiding assets or withholding financial information, you can use a formal legal process known as ""discovery" to obtain the information and documents you need. Discovery is a multifaceted process that aims to gather vital information for equitable property division, resolving custody disagreements, and uncovering undisclosed details. It is an integral part of most litigated divorces.
Discovery offers a variety of tools to help obtain detailed information about different topics related to your case. These tools include:
- Document requests: Your attorney can ask your spouse to produce specific documents, such as tax returns, financial statements, loan applications, and account records.
- Inspection demands: You can request to inspect electronic records (emails, texts) or property, such as a safe deposit box or art collection.
- Interrogatories: Standardised or customised written questions that your spouse must answer under oath, covering finances and other relevant issues.
- Depositions: In-person oral statements made by either spouse or third parties with relevant information. These take place out of court, and a court reporter records the statements word-for-word. Depositions are particularly useful for obtaining information from a dishonest spouse, as lying under oath is perjury.
- Subpoenas: A court order compelling individuals or entities to provide documents, evidence, or testimony under oath.
The discovery process can be time-consuming and complicated, and non-compliance may result in court-ordered fines or sanctions. Thus, it is essential to have a skilled attorney who can guide you through the process and ensure your rights are protected.
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How to find hidden bank accounts
In the US, most states require both spouses to submit affidavits with complete details about their finances during divorce proceedings. However, hidden assets are a common concern, with two-thirds of marriages having hidden assets, according to the National Endowment for Financial Education.
If you suspect your spouse is hiding assets, here are some ways to find hidden bank accounts:
Hire a divorce attorney
A divorce attorney can help you uncover hidden assets and protect you from privacy laws that may prevent you from conducting investigations on your own. They can subpoena records such as employment records, bank statements, loan applications, and other account records. They can also help you with the formal legal process of "discovery" to get the information and documents you need. This includes document demands, inspection demands, and written questions that your spouse must answer.
Forensic accountants and asset investigation services
Forensic accountants and asset investigation services are experts in conducting hidden asset searches. They know how to track down financial records and analyse complicated tax returns and business records to find evidence of hidden assets.
Check public records and credit reports
You can do a search of public records online to determine possible aliases, relatives, business associates, and more that your spouse may be using to hide assets. You are also entitled to one free credit report per year from each bureau, which will show active and inactive financial accounts linked to your name and Social Security number. Unrecognised accounts could indicate hidden bank accounts.
Check unclaimed property databases
Websites like MissingMoney.com and your state's treasury department provide access to dormant accounts, uncashed checks, refunds, and safe deposit box contents linked to your name and Social Security number. Many states also maintain their own unclaimed property search tools, which can include additional details such as matured insurance policies and refunds issued by closed banks.
Look for abnormal transactions
Abnormal withdrawals or transfers could indicate hidden bank accounts. Compare your spouse's bank account history with their payment history from their employer to look for discrepancies. Also, look for transactions into and out of known accounts, such as large transfers, and check where the money came from or went.
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How to find hidden assets
If you suspect your spouse is hiding assets during a divorce, it is vital to seek legal counsel. An experienced divorce attorney will be able to uncover hidden assets and fight for them to be included in any property division proceedings. Divorce lawyers, especially those who are certified family law specialists with experience in asset searches, have powerful legal tools for finding hidden assets as part of the "discovery" process in divorce. Forensic accountants and asset investigation services are also available to help uncover hidden assets. They know what to look for, how to track down financial records, and how to analyze complicated tax returns and business records to find evidence of hidden assets.
- Review tax returns: Tax returns can provide an accurate picture of your spouse's income and financial situation for several years. They will also list any investments or real estate holdings that may have been acquired without your knowledge. Look for discrepancies between the reported expenses on bank statements and tax returns.
- Examine bank accounts: Look for abnormal withdrawals or transfers, which could indicate potential sources of income or other financial activities that were kept secret. Pay attention to large deposits or withdrawals that don't seem consistent with regular spending habits, as this could indicate a transfer to or from another account.
- Review credit reports: Credit reports may reveal hidden loans, lines of credit, or undisclosed accounts.
- Look for inconsistencies: Unexplained changes in spending habits or sudden drops in income can be a red flag.
- Search of the proprietorship register: You can request a search of the proprietorship register under your ex-partner's name to reveal any properties they own that haven't been disclosed. However, you'll need a court order or your ex-partner's consent for this search.
- Third-party disclosure orders: In court proceedings, you can obtain orders compelling third parties like banks or financial institutions to disclose information about your ex-partner's financial holdings.
- Search and seizure orders: In rare circumstances, with strong evidence and court approval, you may be able to obtain a search and seizure order to search your ex-partner's property for hidden assets.
- Deposition: A deposition involves questioning your spouse under oath about their finances. If they lie under oath, they can be charged with perjury.
- Document demands: Your attorney can ask your spouse to produce specific documents, such as tax returns, financial statements, loan applications, and account records.
- Inspection demands: You can request to inspect electronic records (like emails or texts) or physical property like a safe deposit box or art collection.
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What to do if your spouse is being dishonest
If you suspect your spouse is being dishonest about their finances during divorce proceedings, there are several steps you can take to protect yourself and ensure a fair outcome.
Firstly, it is important to gather as much information as possible. Review all the records you have access to, including bank statements, tax returns, loan applications, and other financial documents. Look for any discrepancies or unusual transactions, such as large withdrawals or transfers to unknown accounts. You can also compare their income records against their bank deposits to identify any potential hidden income.
If you have concerns about hidden assets, consider hiring a reputable divorce attorney with expertise in uncovering hidden assets. They can help you subpoena records, including employment records, loan applications, and account statements, which may be difficult to obtain on your own. A lawyer can also advise on the use of legal tools such as ''discovery' to obtain the necessary information and documents. This process may include document demands, inspection demands, and written questions that your spouse must answer under oath.
A deposition can be a particularly effective way to get information from a dishonest spouse, as lying under oath can result in perjury charges. Your lawyer can examine financial records and ask specific questions to identify discrepancies.
If you are unsure about the extent of your spouse's dishonesty or are struggling to obtain information, consider consulting a forensic accountant or asset investigation service. These specialists can help track down financial records and analyse complex tax returns and business records to uncover potential hidden assets.
Remember, addressing financial dishonesty during a divorce can be challenging, and it is important to seek legal advice to ensure your rights are protected.
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How far back you can go
When it comes to divorce proceedings, bank records are considered discoverable assets. This means that both parties are required to provide financial disclosure documents, including bank statements, loan applications, and other account records. While there are no specific rules or statutes governing how far back these records should go, it is generally advised to request information that is relevant and has a bearing on the case.
In most cases, discovery requests typically cover the last three years of financial records, including tax returns, documentation related to pay, banking records, and online account statements. However, if there is a good cause or reason to believe that relevant information may be found further back, requests can certainly be made for records beyond this three-year period.
It is important to note that subpoenas can be issued to banks, requiring them to disclose all records associated with an individual's name. These subpoenas can go back as far as needed, especially if there is a suspicion of hidden information. Additionally, forensic accountants can be hired to analyse financial statements and tax returns for any irregularities or indications of undisclosed income sources.
To effectively uncover hidden assets, it is recommended to hire a reputable divorce attorney experienced in uncovering such assets. They can guide you through the process, ensuring that your rights and interests are protected. Furthermore, they can assist in subpoenaing valuable records, including employment records, bank statements, and loan applications, which may be challenging to obtain individually.
In summary, while there is no set time limit on how far back one can go in requesting bank records during divorce proceedings, it is generally advised to focus on information that is relevant to the case. However, if there is a suspicion of hidden assets, requests can be made for records beyond the typical three-year period, and subpoenas can be utilised to obtain comprehensive financial disclosure.
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Frequently asked questions
Discovery is a formal legal process that can be used to obtain financial information and documents from your spouse during a divorce. This includes bank records.
You can access your spouse's bank records by issuing a subpoena to the bank. A subpoena requires the bank to produce all records associated with your spouse's name. An experienced divorce lawyer will be able to help you with this.
If you suspect your spouse is hiding assets, you should consult a divorce lawyer. They will be able to use investigative tools to uncover potential hidden assets. These include subpoenaing financial records, hiring forensic accountants, and reviewing credit reports.
Lying under oath during a deposition is perjury and your spouse can be charged with a crime. Depositions can be an effective way to get information from a dishonest spouse.
