Divorce proceedings often become intricate and draining, particularly when suspicions arise about a spouse’s undisclosed income. Achieving an equitable division of assets and determining alimony payments hinges on obtaining an accurate understanding of your spouse’s financial situation. In the state of Arkansas, several essential steps can be taken to prove your spouse’s income and assets, ensuring a fair outcome.
The Key Role of the Financial Affidavit
At the onset of a divorce process in Arkansas, filling out a Financial Affidavit stands as the first significant step. Required by both parties, this document presents an exhaustive overview of your income, expenses, assets, and liabilities. Failing to disclose all relevant information within the Financial Affidavit may lead to severe legal ramifications.
The Financial Affidavit functions as an excellent groundwork to gauge your spouse’s income. Included in this document is the provision of supporting evidence, such as bank statements and tax returns, which can enhance your understanding of their financial circumstances.
The Power of Subpoena: Unveiling Financial Records
In circumstances where doubt persists about the accuracy of your spouse’s disclosures within the Financial Affidavit, it becomes possible to acquire their financial records by filing a subpoena. A subpoena serves as a legal request that compels individuals or entities to produce relevant documents or testify in court.
When initiating a subpoena in Arkansas, the following records can be requested:
- Comprehensive bank statements
- Up-to-date tax returns
- Detailed pay stubs
- Statements from investments
- Records of retirement accounts
Noncompliance with a subpoena exposes your spouse to significant legal consequences.
Leverage a Forensic Accountant: Unmasking Hidden Assets
If suspicions arise regarding hidden assets or concealed income, engaging the services of a forensic accountant can yield valuable assistance. Forensic accountants possess specialized expertise in investigating financial fraud, particularly in divorce cases.
A forensic accountant can help you in the following ways:
- Tracing elusive assets
- Identifying undisclosed sources of income
- Conducting lifestyle analyses to assess if your spouse’s spending aligns with their reported income
- Providing expert testimony in court
Although hiring a forensic accountant can be expensive, it often proves a worthwhile investment, particularly when complex financial assets are involved.
Delving into Business Records: Unearthing Self-Employed Income
In instances where your spouse operates a business or is self-employed, an examination of their business records becomes necessary to ascertain their income. Depending on the nature of the business, this review may encompass an analysis of financial statements, bank accounts, and tax returns.
It is crucial to recognize that some business owners may intentionally underreport income or inflate expenses to minimize tax obligations. When faced with such situations, enlisting the services of a forensic accountant can be highly advantageous.
In Conclusion
Proving your spouse’s income in Arkansas can pose a formidable challenge, but it remains vital to secure a fair settlement during the divorce process. Initiating the quest with completion of the Financial Affidavit and following up with a subpoena to obtain financial records form indispensable steps. Engaging a forensic accountant and delving into business records can prove particularly invaluable in more intricate scenarios. Remember the necessity of seeking professional guidance from an experienced attorney before making any legal decisions.
Note: The above information is provided as a general guide and should not replace individual legal advice.