Getting on top of your finances before you divorce is a big task. It can feel especially daunting if you can’t get access to all of your family and individual accounts.
There can be a myriad of reasons why you can’t get your hands on what you need. Maybe you’re not listed on an account, or perhaps your spouse isn't being forthcoming with the financial information they have access to, or you may be trying to discreetly get your ducks in a row in advance of discussing divorce with your spouse. Spouse Is Hiding Money During Divorce?
Whatever the case may be, you might be wondering: “How am I supposed to assess my financial realities if I can’t get my hands on all the information?".
The fact is you can't negotiate an equitable split of assets if you have no idea what you have. Take control of the process and start with getting your hands on what is available to you and keep a list of what you can’t get your hands on.
Begin by collecting your bank statements, taxes, retirement account statement, monthly bills, debt payments, etc. Yes, there's lots of information you'll need to track down. If you want an easy-to-follow checklist, check out The Divorce Planner’s What To Gather worksheet. It walks you through what to get and helps you get organized so you have everything you need moving forward.
In some extreme cases, you might suspect your spouse is purposefully hiding information from you. If that’s your situation, hiring a forensic accountant might be your best next step. This can be a costly addition to your divorce expenses, so taking steps on your own to dig deeper into uncovering your accounts, statements and assets is a smart move.
Below you'll find a 20 minute Q&A with divorce forensic accountant Tracy Coenen. It's packed with important tips and actions you can take to start the process of uncovering assets and accounts that have proven hard to find.
As a fraud investigator, Tracy focuses on finding hidden money in divorce cases. After spending years as a top forensic accountant charging thousands of dollars per case, Tracy saw a need to share how-to's that you can do on your own so you cut down on the expense of divorce.
Her mission became teaching you strategies to win every penny of money you are entitled to in your divorce. She recently wrote the book Find Me The Money: Win The Money You Deserve In Your Divorce ,and I was thrilled to ask her all the questions you want answered.
Want more tips to protect your assets during divorce? I've got you covered!
Check out this post: 7 Ways To Protect Your Assets During Divorce.