Why Divorce Lawyers should Conduct an Asset Search
If you are a Family Lawyer working with a client on a divorce and they tell you they suspect that their spouse is hiding assets, then here are some of the ways you can advise them and help them locate hidden assets. The first place you can start is with an asset search.
A good way to protect yourself and assist your client at the same time, is to recommend that your client pay for an asset search on their spouse. Most asset searches cost less than $ 300. If the client refuses, as an attorney you are protected. If the client agrees to conduct the search, then the attorney has satisfied their “due diligence” by conducting a nationwide asset search in conjunction with their normal discovery.
In addition, where the subject may be concealing assets, such as through family trusts, partnerships or the like, the asset search report will provide a road map for you, the attorney. This road map will aid the attorney in conducting discovery and in making sure the spouse on the other side does not have selective amnesia.
A thorough asset search also provides any liabilities associated with the subject, either individually or through their businesses, such as other lawsuits, bankruptcies, state and federal tax liens and uniform commercial code filings. These searches usually take 1-3 days to conduct. Detailed reports are then emailed to you the attorney to share with your client. Upon receipt, an informed decision can be made by counsel with how to proceed.
As the lawyer advising their client, you might want to familiarize them with the ways that assets can be hidden. Spouses that are willing to hide assets are not always necessarily so sophisticated. There are any number of ways to conceal assets such as holding title to real estate or other assets under a trust, limited liability companies, limited partnerships, or the like. An asset search will disclose any entities that are associated with your subject such as the above, as well as any name variations that your subject may be using to hold assets. So, when sending out interrogatories, document requests, subpoenas, or other discovery, you can be more inclusive and more informed than the other spouse was hoping.
At Asset Searches Plus, Inc., a nationwide asset search costs $185.00 for an individual subject and $165.00 for a corporate entity, and the turnaround time is usually less than two days. All that is usually needed to conduct a search is the name and last known address of your subject.
To access our “free guide” to conducting an asset search, click here. For more information on conducting an asset search, please call us at 1(800)290-1012 or visit our site at www.assetsearchesplus.com.