Server's Corner

Why Asset Discovery Is So Important

Last month we broke down what happens in an asset discovery. It is an extensive process. Some think that opting out is easier, but the truth is that it will most definitely hurt you in the short and long run. Roland Investigations wants you to understand why asset discovery is essential in many situations.

• Divorce Proceedings: Ensures that all assets are accounted for and divided fairly between spouses.
• Estate Planning or Settlements: Locates assets to ensure they are properly distributed to heirs.
• Lawsuits: Helps determine the financial capacity of an individual or entity to pay damages.
• Bankruptcy or Business Investigations: Assists in identifying available assets for repayment of creditors.

The goal of asset discovery is to provide a complete and transparent view of someone's financial situation, ensuring fairness in any legal or financial dealings.

Investigating Debts and Liabilities

In addition to assets, it’s essential to account for debts and liabilities. This includes loans, mortgages, credit card debts, business obligations, and other financial responsibilities. Understanding liabilities helps provide a full picture of an individual's or entity’s financial standing, as debts can offset the value of assets in financial settlements.

Uncovering Hidden or Concealed Assets

A key aspect of asset discovery is finding assets that someone may be intentionally hiding to avoid financial or legal consequences. Individuals or businesses may use various methods to conceal assets, such as:

• Transferring ownership to friends, family, or business partners.
• Moving money into offshore accounts or shell companies.
• Creating complex trust structures to obscure ownership.
• Underreporting income or underestimating the value of assets.

Asset discovery experts use advanced investigative techniques, forensic accounting, and data analysis to trace hidden assets and ensure that they are included in financial settlements or court proceedings.

Legal and Ethical Considerations

Asset discovery must comply with legal and ethical guidelines. Investigators typically work with financial professionals, attorneys, or forensic accountants to ensure that all processes are lawful and transparent. In legal cases like divorces or lawsuits, asset discovery is often conducted during the "discovery" phase, where both parties are required to disclose financial information.

Failing to disclose assets can lead to legal consequences, such as fines or charges of perjury, so transparency is crucial. Whether for legal disputes, estate planning, or financial settlements, thorough asset discovery protects the interests of all parties involved. By now no doubt you have learned the importance of not trying to avoid asset discovery. Contact us any time to get started today!

By Roland Process Service & Investigations Staff 11-1-2024