Important Reasons Why a Spouse or an Attorney Involved in a High Net Worth Divorce Should Conduct an Asset Search
If you are a divorce lawyer that specializes in high net worth divorces, or a spouse in a divorce with significant assets that may have been controlled or managed by your spouse, then conducting an asset search is critical from day one. An asset search can be conducted at any time during a divorce, but it is best to do so at the very start of the process. The search will be useful in preparing discovery, which includes interrogatories, document requests, and depositions, to gain insight regarding the assets and liabilities of the other spouse. The information provided in an asset search will also help eliminate any selective amnesia that the other spouse may have during the divorce process.
To be sure, before the discovery phase of your case closes, you will want to make sure that you have a good snap shot of not only all assets and liabilities but also of any entity associated with the other spouse that could also be holding or concealing assets, such as through trusts, limited liability companies, partnerships and the like.
A thorough and complete asset search will paint a clear picture of all the assets. As we have seen, it is common for high net worth individuals to have complex business relationships and entities set up to mask and oftentimes hide assets. A search will also provide any liabilities associated with any other third parties, such as lawsuits, bankruptcies, state and federal tax liens and uniform commercial code filings and other encumbrances that could reduce the size of what you may be entitled to with your divorce action.
These asset searches usually take 1-3 days to conduct. A thorough asset search will contain detailed reports that are then emailed to the spouse or their attorney to share with their client. Upon receipt, an informed decision can be made on how to proceed. You can satisfy your “due diligence” knowing that assets have not inadvertently been concealed by the other party in the divorce proceedings. Now you can move forward with a more accurate picture of assets having all the pertinent facts and get the best outcome.
When ordering an asset search, the only information that is usually needed from the client is the subject’s name and last known address. It can be ordered online.
A nationwide asset search costs $185.00 for an individual subject and $165.00 for a corporate entity.
For more information on conducting an asset search, please call us at 1(800)290-1012 or visit our site at www.assetsearchesplus.com. You can also download our free eBook on conducting an asset search by clicking http://www.assetsearchesplus.com/download-our-free-ebook/