WHY CONDUCT AN ASSETS SEARCH?
There are clearly situations of a business or personal nature in which it is essential to check for the possibility of hidden assets. Knowledge of such assets can make a big difference in the establishment of grounds for particular types of interpersonal actions.
The finances involved in a divorce can often become rather complicated. It is not uncommon for a spouse to hide assets that would be open to dispute. An asset search of the party being divorced is very important to be certain that all assets are accounted for. In addition to the discovery that something may being hidden by one of the parties not only reveals that fact, but also can do serious damage to that person’s credibility in the eyes of the court. This can have serious consequences on the outcome of a divorce settlement.
Public child support enforcement agencies are ill- equipped to locate parents who evade their child support obligations. Quite often the errant parent will attempt to hide assets, thus pleading an inability to meet child support or alimony payments. In child support cases, once the parent is located, information regarding their wages or any hidden assets should be given to the proper child support enforcement agency that can then facilitate collection.