Include your client in investigations
Your best source of information on a case is your client. When there is a closely held business involved, your client might have knowledge that could prove helpful. On many occasions, spouses will actually have worked in the business and may know a lot about it. Make sure to keep them looped in.
Advise your client on smart post-separation practices
Emphasize to your client that they should not try to hide or game assets, particularly if they own a business. Prior to the divorce, consider having your client open up a bank account that’s not part of the marital estate and contribute post-separation earnings.
Request and obtain all financial data
Suspicion is one thing, but proof is another. Be sure to collect all financial documents — tax returns, personal financial statements, credit reports, bank and investment account statements — and start early.
Separate the assets
Prior to the divorce, consider having your client separate marital assets from non-marital assets, which ultimately will make it easier for the judge to make a ruling. Counsel from a CPA can help in making this separation.
Ask the right questions
These basic questions can go a long way toward uncovering improper asset concealment or protection strategies in marital disputes.
