When you file a lawsuit, there is usually an intended goal or outcome that you are filing for. This outcome can be a variety of things such as money, property, legal rights, custody, or some other purpose.
The set intention of a lawsuit is also referred to as a legal remedy. In order for these remedies to come to fruition once the case has concluded and final judgement has been made, then it’s time for the enforcement of judgement or judgement enforcement and recovery.
It’s imperative to know what the other party in a lawsuit is ‘worth’ or what can be recovered at the end of a trial. Some common judgement enforced remedies are bank account investigations and hidden bank searches that seek to locate and recover monetary assets.
There are many types of hidden asset investigations that an individual can access with the help of a private investigation firm for various reasons like uncovering fraud or doing background checks on corporations and their assets to look for possible criminal activity.
It is, however, an optional action to take. A search that is court-ordered is obligatory and must be carried out in every way possible within the law.
What is a Hidden Bank Account Investigation?
A hidden bank account investigation is basically a forensic search on a person’s financial assets. A person or a firm may have offshore bank accounts where funds are off the radar or hidden for various reasons. Using information from the IRS, various financial bureaus, federal departments, banking history, insurance companies, and other financial institutions, electronic and paper trails are often uncovered. These trails are then investigated further until proof of hidden funds is found.
Why are Bank Account Investigations conducted?
For legal proceedings such as filing for divorce
Spouses may want to have a thorough and in-depth knowledge of their former partner’s financial girth, whether they have a secret stash of finances hidden away and to have full transparency of their financial history. The information can be used to decide a specific settlement or deal for the case
Locating a deceased relative’s estate
If a relative died without leaving a will or any legal indication of their estate or funds a bank account search can be conducted to locate bank accounts in their name in order to go about contesting inheritance rights or reaching legal agreements on the division of the assets
When a parent who was court-ordered to pay child support does not follow through or claims to not be able to afford the set amount, a hidden bank search can be carried out to verify if the person is withholding funds that should be going towards the child or lying about being unemployed
Civil Judgements and Repossessions
When someone is trying to collect on debts owed or unpaid loans they can carry out a bank account search to ensure the debtor can pay them back or use the knowledge to go about repossessing what is owed or the closest value to it.
Personal Injury cases
A bank account investigation can uncover how much the other party’s assets amount to and present a favorable monetary settlement to cover the injured party’s grievances.
Who can provide bank account investigation services?
Hidden bank account investigations for judgement and recovery are very time consuming, there is also a matter of things having to be double and triple checked. Running into dead ends and picking up a new trail as well as acquiring permission or access to some databases can be frustrating for any individual.
Therefore, this type of hidden bank account search is recommended to be carried out by competent investigation firms. These firms must be tech-savvy and have staff with law enforcement or special skills training and analytical skills.
Finding out the existence of offshore and hidden bank accounts is no easy feat and requires a lot of research and resources. Some cases might require assistance from federal departments, the FBI, IRS, local, and regional law authorities.
There is also a need for in-depth knowledge about the law and legal procedures to ensure that all methods are carried out within the legal limits of the states involved.
Interesting Related Article: “What is forensic accounting? Definition and example“