Financial issues often lead to divorce for Ohio couples, and they can also reflect some of the most important and contentious issues raised as part of a settlement. Unfortunately, some people may seek to avoid providing their spouses with their fair share during the property division stage by hiding assets in secret accounts or undisclosed investments. Unraveling these types of financial schemes can be complex and may cause the divorce process to take longer than necessary.
However, people can often learn more about their spouse’s finances by going through their most recent tax returns. These documents can provide a wealth of information about the current state of household finances as well as many assets that may go otherwise unmentioned. Even during a divorce, some people who may not hesitate to lie to their spouses may be wary of doing so to the IRS. They may even overpay their taxes in an attempt to hide money. Professionals may make excessive tax prepayments without filing returns. However, the payers could file their returns later and claim the excess funds. People can discover this scheme by looking for recent tax returns and insisting on timely filing each year.
Other people may unearth hidden retirement accounts and investment funds by scrutinizing tax forms. W-2 forms contain not only records of compensation but also of funds withheld for certain types of employer-based accounts. Schedules attached to the tax return provide details about dividends, interest payments and capital gains and losses, most of which would be linked to investment funds.
The financial effects of divorce can be among the most serious and long-lasting parts of the end of a marriage. A family law attorney can help people to uncover financial schemes and work to achieve a fair settlement on property division and other matters.