Posted by DivorceLine in If employed correctly and if conducted by a reputable Asset Search Corporation, asset searches can be employed as a valuable tool in divorce. Just before you enter into discovery, or accept your adversary’s financial statement, shouldn’t you be specific that all assets are declared? What occurs to an attorney who fails to inform the client that they might have conducted an asset search to uncover assets, either unidentified or incorrectly identified?
Most asset searches price much less than $300.00. At Asset Searches Plus, Inc., for example, a nationwide asset search costs $165.00 for an individual subject and $150.00 for a corporate entity. At the very least, shouldn’t the client be given the chance to pay for and conduct a search just in case there are extra assets or entities associated with the opposing party?
If the client refuses, the attorney is protected. If the client agrees to conduct the search, then the attorney has satisfied their “due diligence” by conducting a nationwide asset search, which may possibly very well reveal extra assets that can be divided. In addition, where the subject might be concealing assets, such as via family trusts, partnerships or the like, the asset search report will offer a road map for the attorney.
A thorough asset search also offers any liabilities associated with the subject, such as lawsuits, bankruptcies, state and federal tax liens and uniform commercial code filings. These searches typically take 1-3 days to conduct. Detailed reports are then emailed to the attorney to share with their client.
Upon receipt, an informed choice can be made by counsel with how to proceed. Bear in mind, “if there is nothing to obtain, there is nothing to gain.” If after reviewing the asset search report, it can be reasonably established that the opposing party has declared all assets, then the client can have peace of mind understanding that nothing has been inadvertently concealed.
Under most circumstances, asset searches verify the following:
(a) The subject’s full name and address;
(b) Driver’s license facts;
(c) Real estate;
(d) Motor vehicles;
(e) Watercrafts;
(f) FAA certifications and aircrafts;
(g) Professional licenses;
(h) Bankruptcies;
(i) Liens and judgments;
(j) UCC filings;
(k) Corporate entities associated with the subject;
(l) Voter registration data;
(m) Sexual offenses;
(n) Employment info; and
(o) State and federal criminal records.
The only data that is generally required from the attorney or client is the subject’s name and last recognized address, which can be filled out on the net or on an order form, which can be faxed and mailed to your office.
Finally, when selecting an asset search Corporation, make positive to ask the following questions:
1) Does the Corporation have attorneys on staff that understand why you will need the data and generate reports that are most helpful for the family law attorney and their client?
2) Do they only use “legal” and dependable sources and techniques to conduct their searches?
3) Does the Organization stand behind the high quality of their work?
4) Does all work remain confidential?
5) Does the Company offer a professional looking report that you will be eager to share with your client?
