Hidden Assets in Divorce Cases

Navigating Complexities in Tax Returns and Financial Statements to Uncover Assets and Income

Recording of a 90-minute CLE webinar with Q&A

Conducted on Wednesday, October 10, 2012

Recorded event now available

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Program Materials

This CLE webinar will provide family law counsel with a review of the challenges in locating hidden assets or money during a divorce. The panel will focus on appropriate discovery methods to obtain information, explain ways to analyze financial documents, and outline approaches to prevent dissipation of assets.

Description

In many divorces, support and property division issues require counsel to understand and analyze information contained in various tax returns and complex financial statements. Implementing appropriate discovery methods and protections to avoid dissipation of assets is key.

Discovering hidden assets and income may be accomplished by careful examination of a variety of financial documents including Form 1040 including Schedules A, B, C, D and E, Form 1120S for S corporations, Form 1065 for partnership income, personal financial statements, and loan applications.

Reviewing business financials including balance sheets, income statements, statements of cash flows, general ledgers and accountant work papers may be necessary. Locating money concealed or misstated in financials may require the assistance of financial professionals or forensic accountants.

Listen as our panel of attorneys and accountants discusses the complexities involved in discovering hidden assets through an analysis of financial documents, methods to prevent the dissipation of assets, and ways to use accountants and other financial professionals.

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Outline

  1. Income tax returns
    1. 1040
    2. Schedules A, B, C, D & E
    3. 1120S for an S corporation
    4. 1065 for partnership income
  2. Financial statements
  3. Methods to obtain discovery
  4. Ways to use accountants and other financial experts
  5. Best practices to avoid dissipation of assets

Benefits

The panel will review these and other key questions:

  • What are the key data points to identify when looking at financial documents to determine parties’ income and assets?
  • What items in tax returns and financial statements can help identify hidden income?
  • What practices can counsel implement to avoid dissipation of assets by the opposing party during the action?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Bruce E. Friedman
Bruce E. Friedman
Partner
Paule Camazine & Blumenthal

His practice emphasizes cases involving complex financial issues including high net worth individuals, business...  |  Read More

Connie Yi
Connie Yi
Atty, CPA
Law Offices of Connie Yi

She practices in tax, trust/estate law and forensic accounting for litigation support. She is the host of radio show...  |  Read More

Thomas E. Hilton
Thomas E. Hilton
Partner, Director Forensic and Valuation Services
Anders Minkler & Diehl

His focus includes forensic accounting investigations, divorce valuation and asset tracing, and tax valuation and...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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