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"Some cases you can see that it looks like it’s going to be easy...to prove to a judge. Other cases look like it’s going to be very difficult and maybe just try to settle and do the best you can. It’s not a black and white situation." Episode 81 of the Divorce and Your Money Show interviews Mark Kohn, a highly experienced forensic accountant and author of How they Stash the Cash: A Guide to Finding Income Hidden by a Spouse during Divorce. He is based in Los Angeles and can be reached at He is going to teach us a lot of very important information, including: The two most common ways a spouse may hide assets When should you hire a forensic accountant What documents you need to prepare for a forensic accountant When using a forensic accountant can be a waste of money Why a private investigator can be your best friend in solving hard to reach cases And much more! Thank you for listening to the Divorce and Your Money Show. Visit us at www.divorceandyourmoney.com for a full transcript of this episode and be sure to check out the NEW course Divorce 101: Steps to Take Before Divorce. If you enjoyed the show, please take a moment to leave a review on iTunes, as it will help other people discover this free advice....(read more)
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Title: Common Ways Your Spouse May Hide Money: Interview with Mark Kohn, Forensic Accountant Introduction When going through a divorce or trying to understand your family's financial situation, it is common to enlist the help of a forensic accountant. These professionals specialize in untangling complex financial webs and uncovering hidden assets. In this interview, we will be discussing some of the most common ways spouses may attempt to hide money from their partners. Our expert, Mark Kohn, a seasoned forensic accountant, sheds light on these deceitful practices and provides guidance on how to protect yourself. Interview: Q: Thank you for joining us today, Mr. Kohn. Could you please explain why individuals hide assets from their spouses during divorce or separation? A: Thank you for having me. People hide assets for various reasons, including protecting their wealth, gaining a financial advantage in the divorce settlement, or even attempting to evade taxes. Unfortunately, these acts often result in unjust financial outcomes for the innocent party. Q: What are some common methods spouses employ to hide money? A: There are several techniques individuals may use. First, they may create secret bank accounts or establish offshore accounts in an attempt to conceal funds. Second, they might undervalue assets during the divorce proceedings, such as real estate, vehicles, or investments. Another common tactic is to overstate debts by manipulating loans, credit card bills, or other financial obligations. Lastly, some spouses might utilize third parties, like family or close friends, to temporarily hold or transfer assets. Q: How can someone detect these hidden assets? A: Identifying hidden assets can be challenging without the assistance of a forensic accountant. We employ various methods such as scrutinizing financial records, tracing transactions, and conducting lifestyle analyses. By comparing income, expenditures, and assets disclosed during the divorce process with financial data collected, we can uncover discrepancies that suggest hidden funds. Q: How can individuals protect themselves from such deceitful practices? A: Awareness is key. During a relationship, couples should cultivate open and transparent communication about finances. Maintaining a clear understanding of your financial situation, including knowing about accounts, investments, and tax filings, can help ensure the absence of hidden assets. Additionally, maintaining copies of financial records, such as bank statements, tax returns, and property deeds, can be valuable if suspicions arise later. Q: Can forensic accountants work effectively if individuals suspect their spouse of hiding money? A: Absolutely. A forensic accountant can thoroughly analyze financial information and use their expertise to follow the financial trail. By cooperating with your legal team and providing them with any evidence or suspicions you may have, a forensic accountant can assist in building a strong case if hidden assets are indeed found. Q: Are there any legal implications for someone caught hiding assets? A: Hiding assets during a divorce is illegal and carries significant consequences. Besides leading to an unfair distribution of marital property, parties caught hiding assets may face penalties, fines, or even criminal charges. Courts generally take a dim view of such behavior and often impose heavy sanctions on the offending party. Closing: Uncovering hidden assets during a divorce or separation can be a complicated process. Seeking the guidance of a forensic accountant like Mark Kohn can provide crucial assistance in ensuring a fair financial settlement. By recognizing the common ways in which spouses may hide money and taking proactive measures to protect yourself, you can minimize the financial impact of this deceitful behavior. Remember, transparency and communication are essential in maintaining the trust that underpins any healthy relationship. https://inflationprotection.org/discovering-how-your-partner-might-conceal-finances-insights-from-mark-kohn-forensic-accountant/?feed_id=130740&_unique_id=64e7d70c77015 #Inflation #Retirement #GoldIRA #Wealth #Investing #childcustody #ChildSupport #childsupportpayment #divorce #divorceadvice #divorcemediation #howtofilefordivorce #nofaultdivorce #spousalsupport #whatisalimony #SpousalIRA #childcustody #ChildSupport #childsupportpayment #divorce #divorceadvice #divorcemediation #howtofilefordivorce #nofaultdivorce #spousalsupport #whatisalimony
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