Asset Checks/Searches
These checks and searches look for all available assets pertaining to an individual's possession. We will collect information about a person's real property and assets, like land, homes, automobiles, boats, and aircraft.
Deed transfer records are searched. Assets in the name of a business your subject owns, or is involved with, may also be reveled, included UCC filings searches.
There are situations of a personal or business nature in which it is cruciall to check for the likelihood of hidden assets. Facts of such assets can make a big difference in the establishment of grounds for particular types of actions or the fostering of certain business relationships. An asset search is imperative to full disclosure of resources in a variety of matters both civil and criminal. The primary reasons for an asset search in the private or family sector are reviewed below:
Entering into a Lawsuit – In the chance a judgment is awarded by the court It is critical for an asset search to be conducted prior to filing suit against an individual or company to determine what assets or ordinary income is available. It is not worth your legal filing fee cost to file a suit against a person or company that is not able to pay any court-ordered amount. It is crucial to determine what assets or property could be attached on an uncontested basis once a judgment is issued, if you win the suit.
Divorce – It is not uncommon for a spouse to hide assets that would be open to dispute. An asset search of the party being divorced is very important to be certain that all assets are accounted for. The finances involved in a divorce often become complicated.
Child Support/Alimony – Public agencis that enforce child support are usually unprepared to locate parents who evade their child support obligations. Very often the delinquent parent will attempt to hide assets, stating they are unable to meet child support or alimony payments. If and when the parent is located in chid support cases, all the information regarding their wages or any hidden assets should be given to the proper child support enforcement agency that can then facilitate collection.
Collecting on a Judgment – A judgment is issued if the court order a sum of money to be paid as part of a civil action. The judgment is a court order for the payment of funds. The court orders payment, but the collection of the judgment is the responsibility of the plaintiff. A judgment stands for ten years, but can be extended to become permanent. This extention requires that the defendant, the debtor, to be questioned in a deposition or hearing under oath regarding their financial status. If the debtor is going to give-up an item of property such as an boat, motor-home,or car, do an asset search before taking possession to determine if there are any liens against the property. By taking possession you may also retain the liability of the lien.
A New Business Venture – If you are considering investing in a new business, bringing a new investor into an existing company or thining about a merger between companies, it is importantl to conduct a thorough background check on the individual or corporation. Such a check must include a comprehensive assets search.
Contestating a Will – Potential beneficiaries or those entitled to a claim against the estate should search for the possibility of hidden assets. Often personal assets may be hidden and not disclosed in a will.
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