Asset division is one of the more challenging aspects of divorce. This is especially true when one spouse has concerns about hidden assets, which are marital assets that are not immediately disclosed during divorce proceedings.
Tracking down hidden assets is often difficult. Here are a few that are regularly concealed and what you can do to locate them.
Some professions and industries still provide pensions, even though they are less common these days. Pensions are part of an employee’s retirement earnings, so they are usually included within a couple’s shared assets. One of the challenges of pensions is that you will not know the actual value until your ex retires. Accordingly, you may need to schedule a pension valuation to have a better idea.
Employers provide restricted stocks to some employees as part of their compensation package. Accordingly, restricted stocks earned during the course of the marriage are typically included within the divorce agreement. While you cannot actually withdraw restricted stocks until the employer allows the employee to do so, you can use them to negotiate fairer division of other assets.
Cryptocurrency is similar to stocks, in that a person may hold individual shares or do trading through an investment company. In either case, you may have difficulty finding the hidden cryptocurrency if your spouse attempts to conceal it. This highlights the importance of an open accounting of all your assets, including any that your spouse has control of.
The first step to pursuing an ex-spouse’s military benefits is to determine whether you are eligible in the first place. In most cases, your marriage must have lasted at least 20 years and your spouse must have served for at least 20 years. Additionally, your marriage and your spouse’s time in the military must have overlapped for 20 years or longer.
You can avoid many issues with hidden assets by remaining alert and aware of your shared finances. By performing due diligence before your divorce, you will have the necessary information to make a case for asset division.