{"id":593,"date":"2019-09-25T14:27:56","date_gmt":"2019-09-25T14:27:56","guid":{"rendered":"https:\/\/www.affordablebackgroundchecks.com\/blog\/?p=593"},"modified":"2024-09-25T10:51:34","modified_gmt":"2024-09-25T10:51:34","slug":"when-should-a-person-disclose-their-assets-for-a-background-check","status":"publish","type":"post","link":"https:\/\/www.affordablebackgroundchecks.com\/blog\/when-should-a-person-disclose-their-assets-for-a-background-check\/","title":{"rendered":"When Should a Person Disclose Their Assets for a Background Check?"},"content":{"rendered":"<p>There are several reasons that a person or company may need to <strong>disclose assets<\/strong> for a <strong>background check<\/strong>. The most common incidences are when a couple is facing <strong>divorce<\/strong> or <strong>child support obligations<\/strong>. In many cases, individuals will claim fewer assets so that they will have to pay <strong>lower payments<\/strong>. On the other hand, an individual may claim that they don\u2019t have an income or possess any assets so that they can collect more money.<\/p>\n<p>Another reason that someone may have to disclose their assets is if they are filing <strong>bankruptcy<\/strong>. The bankruptcy code requires that a <strong>debtor<\/strong> must disclose all of their assets.<\/p>\n<h2>Ways That People Try To Hide Assets<\/h2>\n<p>There are many ways that people try to hide their assets. They can go to great lengths of trouble and can sometimes be quite clever. It is a more common practice than most people realize. Hiding assets is a bad idea and can get a person in <strong>legal trouble<\/strong>. Here are the most common ways that assets are hidden:<\/p>\n<ul style=\"clear: both;\">\n<li>multiple bank accounts<\/li>\n<li>offshore accounts<\/li>\n<li>corporations<\/li>\n<li>stocks &amp; bonds<\/li>\n<li>gifts<\/li>\n<li>mortgages<\/li>\n<li>safety deposit boxes<\/li>\n<li>employers<\/li>\n<li>cars, boats, and planes<\/li>\n<li>transferring of assets<\/li>\n<li>hiding of businesses<\/li>\n<li>real estate<\/li>\n<li>life insurance<\/li>\n<li>employment<\/li>\n<\/ul>\n<h2>Failure to Disclose Assets<\/h2>\n<p>Even though there is a slight chance that someone could get away with <strong>hiding assets<\/strong>, they should never take the chance. In doing so, they are taking a huge risk and could face <strong>civil or criminal charges<\/strong>.<\/p>\n<p>During a divorce, there is a legal process called \u201c<strong>discovery<\/strong>.\u201d This step gathers information from each individual and third parties. Information collected can come from <strong>employers<\/strong>, <strong>banks<\/strong>, <strong>companies<\/strong>, and <strong>401(k) plan administrators<\/strong>, among others. During the discovery phase, all <a href=\"\/blog\/why-to-evaluate-both-someones-criminal-and-financial-record\/\">financial information<\/a> needs to be divulged. Lying during discovery or the deposition is <strong>perjury<\/strong> and can be a punishable crime.<\/p>\n<p>Failing to report assets that have been requested by the <strong>courts<\/strong> can also lead to consequences. By defying the court order and not handing over all information, the individual can be held in <strong>contempt<\/strong> and face jail time.<\/p>\n<p>In addition to <strong>legal ramifications<\/strong>, an individual who lies and tries to hide assets can lose their rights under existing contracts, such as a <strong>prenuptial agreement<\/strong>. If one of the partners has lied about their <strong>current assets<\/strong>, the judge presiding over the case can <strong>void a portion<\/strong> of or all of the prenuptial agreement.<\/p>\n<h2>Asset Investigations<\/h2>\n<p>Asset searches can be useful for many reasons. Most assets during a divorce are shared and include <strong>bank accounts<\/strong> and <strong>physical assets<\/strong>. However, for businesses, their assets may include <strong>trademarks<\/strong>, <strong>patents<\/strong>, and <strong>copyrights<\/strong>. Below are the most common reasons why assets need to be disclosed.<\/p>\n<h3>Divorce<\/h3>\n<p>Every <strong>state<\/strong> has its own <strong>set of laws<\/strong> regarding divorce, but they usually either fall under <strong>Community Property<\/strong> or <strong>Equitable Distribution<\/strong>. In both cases, all assets need to be disclosed so that both parties receive their entitled share.<\/p>\n<h3>Pre-lawsuit Research<\/h3>\n<p>Knowing a party\u2019s assets can be helpful before filing a <strong>lawsuit<\/strong>. Results obtained from the pre-lawsuit research can help to decide to file <strong>litigation<\/strong> or not. Having a clear understanding of a party\u2019s assets beforehand will determine if filing a lawsuit will be worth the time and effort.<\/p>\n<h3>Business Ventures<\/h3>\n<p>When <strong>businesses<\/strong> decide to join in on a <strong>joint venture<\/strong>, it is important to know what each company is bringing to the table. Knowing the company&#8217;s <strong>financial stability<\/strong> and their assets can be the final decision-maker. Also, it is important to know if either <a href=\"\/blog\/can-a-legal-judgement-impact-a-business-deal\/\">company is dealing with a civil or criminal suit<\/a>.<\/p>\n<p>Background checks can uncover:<\/p>\n<ul style=\"clear: both;\">\n<li>Bank account information<\/li>\n<li>Real estate<\/li>\n<li>Bankruptcy filings<\/li>\n<li>Judgments<\/li>\n<li>Corporate filings<\/li>\n<li>Aircraft, watercraft and motor vehicle registrations and liens<\/li>\n<li>Federal liens<\/li>\n<li>State liens<\/li>\n<li>UCC Filings<\/li>\n<li>Trademarks<\/li>\n<li>Patents<\/li>\n<li>Copyrights<\/li>\n<\/ul>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-595\" src=\"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-content\/uploads\/2019\/09\/Financial-Background-Check.jpg\" alt=\"Financial Background Check\" width=\"700\" height=\"350\" srcset=\"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-content\/uploads\/2019\/09\/Financial-Background-Check.jpg 700w, https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-content\/uploads\/2019\/09\/Financial-Background-Check-300x150.jpg 300w\" sizes=\"(max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/p>\n<h2>We Can Find You Answers<\/h2>\n<p>At <a href=\"https:\/\/www.affordablebackgroundchecks.com\/\">Affordable Background Checks<\/a>, we can provide a <strong>professional asset check<\/strong> at an affordable rate. We believe that everyone should have the right to perform necessary <strong>background checks<\/strong> and shouldn\u2019t have to pay high fees to do so. Whether you are in the midst of a divorce or thinking about investing in a business venture, we can help. We can run a <strong>complete background check<\/strong> that will uncover discrepancies and find hidden assets, liens, and court filings. <strong>Call us<\/strong> today for a consultation.<\/p>\n<div class='sfsi_Sicons' style='width: 100%; display: inline-block; vertical-align: middle; text-align:left'><div style='margin:0px 8px 0px 0px; line-height: 24px'><span>Please follow and like us:<\/span><\/div><div class='sfsi_socialwpr'><div class='sf_subscrbe' style='text-align:left;vertical-align: middle;float:left;width:64px'><a href=\"http:\/\/www.specificfeeds.com\/widgets\/emailSubscribeEncFeed\/WnoyRW9MRTA4eFIvbFpXNFliOWZ4cCt6cmxFYXRsY1ppajc4Umk3dEF5NUxmQlArL2xRMi83UDNlZ3hRQUNNVkxPNFRRWCt2RzB2MzRMYkZEVWRrSVcrdFZxalM5bk5mSkZHbUtiL3NPVVBaTkx1RWxGaWFsdkFDSnVmRDlib0V8QWN6N2pCS04vV2pKVUlwb1llRVRORGJjSW45KzZRMEszK1VuUmthekdQQT0=\/OA==\/\" target=\"_blank\"><img src=\"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-content\/plugins\/ultimate-social-media-icons\/images\/follow_subscribe.png\" \/><\/a><\/div><div class='sf_fb' style='text-align:left;vertical-align: middle;width:98px'><div class=\"fb-like\" href=\"https:\/\/www.affordablebackgroundchecks.com\/blog\/when-should-a-person-disclose-their-assets-for-a-background-check\/\" width=\"180\" send=\"false\" showfaces=\"false\"  action=\"like\" data-share=\"true\"data-layout=\"button\" ><\/div><\/div><div class='sf_twiter' style='text-align:left;float:left;vertical-align: middle;width:auto'><a href=\"http:\/\/twitter.com\/share\" data-count=\"none\" class=\"sr-twitter-button twitter-share-button\" lang=\"en\" data-url=\"https:\/\/www.affordablebackgroundchecks.com\/blog\/when-should-a-person-disclose-their-assets-for-a-background-check\/\" data-text=\"When Should a Person Disclose Their Assets for a Background Check?\" ><\/a><\/div><div class='sf_pinit' style='text-align:left;vertical-align: middle;float:left;line-height: 20px;width:47px'><a href=\"https:\/\/www.pinterest.com\/pin\/create\/button\/?url=&media=&description=\" data-pin-do=\"buttonPin\" data-pin-save=\"true\"data-pin-count=\"none\"><\/a><\/div><div class='sf_google' style='text-align:left;vertical-align: middle;float:left;max-width:62px;min-width:35px;'><div class=\"g-plusone\" data-href=\"https:\/\/www.affordablebackgroundchecks.com\/blog\/when-should-a-person-disclose-their-assets-for-a-background-check\/\" data-size=\"large\" data-annotation=\"none\" ><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>There are several reasons that a person or company may need to disclose assets for a background check. The most common incidences are when a couple is facing divorce or child support obligations. In many cases, individuals will claim fewer assets so that they will have to pay lower payments. On the other hand, an &hellip; <a href=\"https:\/\/www.affordablebackgroundchecks.com\/blog\/when-should-a-person-disclose-their-assets-for-a-background-check\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;When Should a Person Disclose Their Assets for a Background Check?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[259,256,261,258,112,257,260],"_links":{"self":[{"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/posts\/593"}],"collection":[{"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/comments?post=593"}],"version-history":[{"count":4,"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/posts\/593\/revisions"}],"predecessor-version":[{"id":599,"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/posts\/593\/revisions\/599"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/media\/594"}],"wp:attachment":[{"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/media?parent=593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/categories?post=593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.affordablebackgroundchecks.com\/blog\/wp-json\/wp\/v2\/tags?post=593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}