When Should You Know About an Individual’s Personal Assets?
Posted on: August 3, 2018 by Gavin MuirheadThere are many reasons why people hide their assets from others. Some may include dodging the effects of court settlements, avoiding making payments to creditors, or hiding wealth from family or others who may have a personal investment or interest in properties or assets. It is common to encounter situations where hidden personal assets may affect business relationships or personal relationships, and as the person on the other end of the business deal or relationship it’s important to protect your investment and interests.
In this article we’ll go over some of the basic things you should know about personal assets, including the most common personal information and assets you may want to investigate yourself and what situations may require this information for your protection. By performing a background check, you can get the following information and more to make better, more informed choices moving forward with others.
Some common personal records individuals look up
There are plenty of things to keep in mind when researching someone’s personal records. Ultimately, performing a background check to find out the following information about an individual may seem like a violation of trust or betrayal to some; however, making smart financial and personal choices often involves performing extra research to help you feel better about your decision, or to make you feel as though you had all the facts first. Here are some of the most common personal records that individuals tend to research:
- Property and real estate
- Financing statements
- Assessment records
- Property tax records
- Liens
- Bankruptcy
- Court records
Depending on your individual circumstances and context, one or more of these factors may be critical in making life-altering financial and personal decisions. There are a number of reasons why this information is vital for future planning, and with a background check you can access it with the click of a mouse.
When or why you should know about someone’s personal assets
Mostly this information is helpful when trying to cover your own behind in various kinds of scenarios, especially when hidden assets are suspected. Knowing about someone’s hidden assets is particularly key in the following situations:
Business relationships
Entering into a business relationship for the first time involves a lot of investigatory work on the company or individual you’re collaborating with. Even long-standing business partnerships have suffered due to dishonesty and hidden assets. If you find yourself in a business relationship or partnership, it is critical to perform a background check to ensure your financial security, and ensure the other party’s honesty and integrity before entering into a binding, long-term business relationship.
Personal relationships
Getting into a romantic relationship can often end in hardship and divorce—which is certainly more evident in the rising divorce rates. Divorces can get nasty, and the financial aspect of divorce often causes serious hardship on families and individuals. Alimony payments, child support, and property division can all be influenced by whether hidden assets are found or not.
Legal or financial issues
Family discrepancies about finances involving trusts or other legally binding documents often involve assets and personal property. The heirs of estates often don’t agree on how to divide the responsibilities and assets fairly, and by being fully aware of all the assets involved is the first step toward settling the dust. Furthermore, if you ever wind up going to court with someone, finding a hidden asset through a background check can reveal a source of income that was unknown before, holding the individual financially responsible for their end of the legal matters.
How we can help
Here at Affordable Background Checks, we offer our clients a wealth of knowledge that allows them to make decisions that are financially sound and well informed. There are countless options for our clients to choose from when it comes to what they’d like to see in a background check, as there are countless reasons why a background check may be helpful, and countless scenarios where they are absolutely necessary. If you think you may have a reason to conduct a background check on another individual or company, start here with Affordable Background Checks—we can provide you with a comprehensive, personalized background check that includes all the information you require.
