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Stephanie C. Wolf
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Stephanie C. Wolf asked 7 months ago in Divorce

I am going thru a divorce, and my husband may be hiding funds How do I protect myself if my husband has not claimed all his income

2008 Tax Returns; I am a housewife - with no annual income - husband makes high 6 figures - How do I protect myself

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Morris Armstrong
FiLife Contributor
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Your question has many facets. Arfe you concerned about protecting yourself if the IRS audts the return and finds unreported income? You may be eligible for innocent spouse protection in which case the IRS will assess all fines and penalties against your spouse.

If you are concerned about his not disclosing income to you then that is a different matter. If he is employed you can always obtain copies of his employment records which would include compensation and benefits.

You may consult with a financial person to help trace expendityures against income. Your attorney should advise you.

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Rahwa Asmerom
FiLife Contributor
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To begin with, hiding funds and assets during divorce proceedings is illegal. If you pay attention and keep track of all your joint and/or individual statements and have evidence that he is indeed hiding funds, then he will be legally liable. The best way to protect yourself is by keeping good financial records, to the extent possible, of both your accounts and hire a reputable divorce lawyer, who comes highly recommended.

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Doug Kinsey
FiLife Contributor
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Have you and your husband completed sworn affidavits of assets? This should be part of the divorce process and, as far as I know, full disclosure is required. Definitely express your concern to your lawyer, he or she should know how to handle it.

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