Divorce asset tracing solicitors

Solicitors can help trace and expose hidden or undisclosed assets in divorce proceedings to ensure there is full disclosure of assets. This is essential to achieve a fair financial settlement.

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What is asset tracing?

In some divorces, a spouse will try to conceal assets to prevent the other spouse from gaining a share. Often these assets are held offshore making asset tracing an important process.

Tracing and securing all your spouses’ assets during a divorce allows you to ensure that all relevant information is put in front of the courts. This is important to achieve a fair outcome.

 

How does asset tracing work in divorce proceedings?

There are various legal strategies can be used to uncover hidden assets in a divorce. Legal orders can be obtained including search orders, disclosure orders, freezing injunctions and orders for questioning to compel disclosure of assets.

By uncovering hidden assets, solicitors can help ensure a fair financial settlement on divorce.

 

Methods of asset tracing in a divorce

A solicitor will review all financial documentation submitted with Form E including bank statements, investment portfolios, tax returns and property deeds. The solicitor will also analyse any bank transactions to any hidden accounts, unusual withdrawals, transfers to third parties or offshore accounts. If necessary other methods of asset tracing can be used including:

  • Carrying out searches with the Land Registry and Companies House to review property and business records.
  • Employing a forensic accountant who can examine tax returns and company accounts to identify any discrepancies, undisclosed assets or transfers to offshore accounts.
  • Employing a tracing agent who has access to software which analyses large volumes of data and can identify irregularities and trace assets.
  • Undertaking a lifestyle analysis. Searching online platforms and social media can reveal information about a spouse’s lifestyle and spending habits that may contradict the information they disclosed.
  • Obtaining credit reports to ensure debt is not inflated to make a spouse appear less wealthy.

 

What assets can be uncovered during a divorce?

Assets that can be uncovered and traced during a divorce include:

  • bank accounts
  • investment portfolios
  • crypto-currency
  • business interests
  • pensions
  • properties in England and Wales or other jurisdictions
  • tangible assets such as jewellery, artwork, vehicles, collectibles and antiques
  • offshore accounts which can be held in tax havens
  • trusts which hold assets
  • fictitious debts – this can make a spouse appear less wealthy
  • undisclosed sources of income or underreporting of income
  • deferred bonuses – a spouse would not disclose in an attempt to avoid those monies being included in the divorce settlement

 

How our solicitors can help you with asset tracing

Tracing assets is not a straightforward task and can be a complex process which often requires professional assistance to ensure a fair and equitable asset distribution.

Having a solicitor trace assets offers a client several benefits. It helps establish the true extent of a spouses wealth, locates hidden assets and provides evidence for legal proceedings to ensure clients receive a fair distribution of the financial assets.

Asset tracing frequently asked questions

  • What happens if my spouse doesn’t fully disclose their assets?

    When involved in financial remedy proceedings to obtain a financial order on divorce, both spouses are under a duty to the court to provide full and frank financial disclosure about the financial resources available to them now and in the future. This duty runs until the proceedings are concluded with the court making a final financial remedy order.  If a spouse is not honest about their assets when completing their financial statement (Form E) this can amount to litigation or financial misconduct which can lead to proceedings for contempt of court, penalised by paying fines and/or a term of imprisonment. The court can make a less favourable financial award if satisfied that the spouse has not fully disclosed their assets or penalise them by making a costs order against them to pay some or all of the other spouse’s legal costs.  If a financial settlement is finalised and it later comes to light that a spouse deliberately failed to disclose assets, the court may set aside the order and make a new order depending on the specific circumstances of each case.
  • What kind of assets can my partner be hiding?

    Bank accounts, investments, property, pensions, crypto-currency, business assets, bonuses and income.
  • What information do you provide to uncover any assets during a divorce?

    To uncover assets during a divorce, spouses need to gather their financial documentation and prepare a financial statement (Form E).  After exchange of Forms E, a solicitor can scrutinise financial documents to identify discrepancies or hidden assets and prepare a questionnaire to request additional information and documentation from your spouse.  A solicitor will advise you if it is necessary to consult and engage experts or apply to the court for disclosure orders.
  • Will I get part of my partner’s hidden assets?

    It is possible to get a share of your spouse’s hidden assets during a divorce. The court can order a division of those assets or draw adverse inferences due to non-disclosure and make a greater financial award for you on the basis that the court believes the non-disclosing spouse is holding hidden assets.
  • Why is tracing hidden assets during a divorce important?

    Tracing hidden assets in divorce proceedings is crucial for ensuring fairness and transparency when negotiating a financial settlement.  It prevents one party from gaining an unfair advantage by concealing assets, allowing for a more accurate valuation of the asset base and ensures that debts and liabilities are considered. Without asset tracing, you may be awarded less than your fair share or be unaware of the true extent of your marital wealth.

why work with us

Why choose SAS Daniels for family law support?

Our promise to you is ‘understanding your needs, protecting your interests’. We will get to know your individual circumstances in detail so any advice we give is tailored to your specific needs. We will also work hard to protect your interests and gain as positive a resolution as possible for you and your family.

 

Our divorce lawyers are members of Resolution, the national organisation of family law practitioners committed to a constructive, non-confrontational approach to family problems.

 

We are completely focused on minimising conflict and complications, negotiating the best possible settlement without the need for lengthy court proceedings and always putting the needs of children first.

 

We offer a free 30-minute consultation to get to know your situation and talk you through the process step-by-step. Our experienced team can deal with every type of family situation, no matter how complex, and each of our divorce lawyers will treat your case with the utmost compassion and respect.

 

Our team is recommended in both prominent independent UK legal directories Legal 500 UK and Chambers and Partners UK 2024.

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