When people go through a divorce in Tennessee they are ending their shared life and dividing it. This means that they need to divide their marital property and assets, which includes most of the property that either spouse acquired during the marriage. This means that the couple needs to be aware of all of the property they acquired during the marriage.
There are situations when each spouse may have their own separate bank accounts or have purchased property that the other is not aware they bought. During the divorce couples will have an opportunity to go through the discovery process, which is when they can request all documentation regarding the property and assets of the other spouse.
During this process spouses may not be completely truthful in an attempt to hide assets from the other spouse. There are ways people can find hidden assets though and one of the best ways to do it is by thoroughly analyzing past tax returns.
Analyzing tax returns can reveal hidden assets
People can look through the itemized deductions to see if there are deductions for property taxes for real estate they may not be aware existed. Looking at the interest and dividends claimed on tax returns may show evidence of an unknown investment or savings account. Looking at the capital gains or losses claimed on a tax return will also show what stocks, investment accounts and real estate people may own.
If one spouse owns a business analyzing Schedule C on tax returns can be very informative. The depreciation claimed for equipment and other property can reveal all of the property owned by the business or the individual. Schedule E on tax returns contains any income people may receive from rental properties, S-corporations, partnerships and other types of businesses.
It is important that people in Tennessee know all of the marital assets owned by the couple going through a divorce. It can be easy to open accounts or purchase property without the other spouse knowing initially. However, there are ways to find hidden assets if people know where to look. One of the most important tools people have is through discovery and people need to know how to use it effectively.