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Finding missing funds during divorce

When couples are going through a divorce, they may be willing to tell on their partner regarding a misappropriation of business funds or tax fraud so that they can get what they believe is a fair share. Tennessee spouses who are going through divorce are subject to equitable property division, and they may wish to locate every dollar of which they may have a rightful claim during the divorce proceedings.

Spouses may know when their businesses owning partners use the company's funds in order to buy expensive cars, claim earnings for workers that they do not have and pay for other personal expenses. They may also know when their spouses are vastly under-reporting their earnings to the Internal Revenue Service in order to decrease their liability. They may inflate their expenses or understate their revenue so that they do not pay as much in taxes. Other individuals may hide their earnings into separate accounts to defraud the government or to hide the money from their spouses. Sometimes these tricks are easy to spot, such as when business owners begin to report decreased earnings right before their divorce. In other cases, business owners may accept payments in cash, and these transactions may be difficult to spot. Sometimes, it is very difficult to find missing funds, and some individuals may even be able to pass routine Internal Revenue Service audits without detection. Spouses have responded in some cases by hiring special investigators to track missing funds during a divorce.

Investigators may be able to watch how a spouse uses funds. If the spouse is purchasing luxury items, this may be an indication that he or she has access to funds that are not being reported. Another clue that individuals may be hiding assets is if they are using multiple accountants for different portions of their life.

Clarksville family law attorneys may be able to help individuals who are going through divorce. They may be able to take steps to prevent one spouse from being taken advantage of during the proceedings.

Source: Bloomberg, "Hunting for Hidden Cash In Divorce Proceedings", Ben Steverman, June 03, 2013

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