Tax form may help with uncovering hidden assets during divorce

Going through the dissolution of a marriage in New Jersey can understandably be overwhelming from an emotional standpoint. However, divorce can also be complex financially, especially if one of the spouses is hiding assets. Here is a glimpse at how a divorcing spouse may be able to uncover any assets that the other party has hidden.

An individual who is going through divorce may be tempted to hire a private investigator to see if the other party has been concealing assets during the marriage. However, the information that he or she may be seeking might be right on the married couple's tax returns. The spouse who is trying to uncover hidden assets can simply take a look at Form 1040 to pinpoint red flags.

Schedule E on this tax form provides data regarding any income produced from partnerships, S-corporations, trusts, estates and real estate used for rental purposes. Meanwhile, Schedule D offers information about capital gains generated by selling fund shares as well as individual stocks. Schedule B is also worth reviewing, as it might provide insight into any interest or dividends obtained from investments or bank accounts that one of the spouses may have never known about.

Learning about concealed assets is important, as this information has an impact on how two divorcing spouses ultimately divide their property. If they can see eye to eye on how to divide all of their property, they can avoid further court intrusion. However, if they cannot resolve property division on their own, they must rely on a New Jersey judge to handle this aspect of their divorce proceeding for them.

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