Hiding Assets in a Divorce - Business
Posted By Linda S. Vanden Heuvel on Mar 4, 2010 8:48am PST
If you believe that your spouse is hiding assets and he or she owns a business, your first step is to obtain a copy of the business's income tax return. Use IRS form 4506. Your spouse must sign this form, but generally the court will compel the exeuction of this authorization. There are a number of ways to hide money in a business setting, including, but not limited to:
Paying a salary to friends or relatives
Delaying receipt or depositing of funds
Purchasing artwork, furniture or other valuable items in the name of the business to increase expense and depreciate write-offs
Inflating costs
You should generally hire an accountant to help you ascertain the true value of the business and the actual income paid to your spouse.
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