Does someone owe you money but you are unsure of how to perform a New York asset search because of changes in the Financial Services Modernization Act of 1999? If a person is unable to obtain banking records, how will an asset search help recover a debt owed? It is a question that asset recovery experts get asked every day. Not only will we search legally for international bank records, but our asset research professionals will also look for real estate, automobiles, airplanes, boats or anything of value like trusts, professional licenses and trademarks that you can leverage for payment. Here is how asset searches work and when you should use them.
How Are Asset Searches Performed?
Asset recovery is a normal process used by both private individuals and companies for a number of financial motives, including background checks, investments, judgments, bank loans, credit trustworthiness, stolen possessions or establishment of one’s wealth for debt recovery. Asset recovery documents also establish a blueprint of someone’s capital for legal proceedings.
Asset recovery experts focus on four things when attempting to identify financial records.
- Is there any money or tangible assets associated with the debtor?
- Where is it located? Depending on the location, how does jurisdiction affect recovery?
- Will it satisfy the debt owed?
- Are there any liabilities?
Sometimes, it becomes a complicated process because the more that is owed, the harder a person works to hide it in unlikely places, which is why it is of value to hire an asset recovery professional who has the knowledge, skills and expertise to navigate global financial structures and use investigative and forensic accounting techniques to conduct thorough search queries.
Types of Asset Searches
There are two primary asset searches that a person will request: corporate and personal.
Corporate Asset Searches
Before you make an investment, make a loan or agree to any financial transactions, you will want to establish the debtor is creditworthy. Most especially in business, people tend to fudge their numbers. Asset investigation helps you determine and make the best decisions based on the likelihood that you will be able to recover your losses if needed.
Businesses often use the court system to receive judgments, which are worth tens of millions. While the court system helps you get a decision, they do not help you with the collection of the award. Having an asset recovery team to locate resources quickly will strengthen the retrieval of a verdict or provide evidence of hidden assets to the court.
Employers and investors also hire asset recovery experts when they believe there is possible fraud, hidden money, shell companies, embezzlement, offshore accounts or misappropriated resources. In these cases, you must first locate the evidence before you will know how to proceed with where the assets are and how much of it remains.
Personal Asset Searches
Any time there is a doubt about your personal finances, it is best to allow a third-party such as an asset recovery company to handle the search on your behalf. Not only is it stressful dealing with multiple transactions, asset searches and worldwide jurisdictions, you may also lack the right resources to investigate your case correctly or thoroughly.
Whether there are legal or financial implications involved, asset recovery companies are well-trained to investigate for you, which makes it a safer and more secure process. Most especially when schemes, fraud or scams are involved, the person you were dealing with is unknown, so you will need experts who are experienced with false identities.
While 90 percent of people marry before the age of 50, as many as 50 percent of them will end in divorce according to the American Psychological Association. Legally, a separated couple must share the property that often includes assets acquired before marriage, during separation and until the end of the divorce proceeding. Hiding assets to gain an advantage is a common practice in many cases and often ends with the judge ordering a further investigation into a spouse’s claim. Unfounded claims rarely go anywhere, so an asset recovery agent will get the proof you need to proceed in the court system.
Heirs also often require the help of asset recovery companies when they believe a will was not executed accurately. An investigator will be able to check on the assets and determine where and to whom they were given. This type of asset investigation ensures transparency and fairness while also making it comfortable for a family to communicate.
What Do Investigators Look for During Asset Searches?
Asset searches vary depending on who the client is and why a person needs an asset search. Some people may feel more comfortable hiding money overseas while others choose to stuff it in their mattresses. The goal is to find both tangible and intangible assets regardless of where they are located and help the client irrespective of whether there is a court order, a multi-state or country jurisdiction or forensic accounting involved. An investigator usually performs duties like:
- Establishes a debtor’s net worth
- Locates property in debtor’s name or an intermediary
- Deferred compensation of debts
- Corporate and board connections
- Stocks or broker accounts
- An indication of capital flight
- Pensions and insurance policies
- Credit score changes
- Antique collections or artwork
- Loans that generally require collateral
- Interviews of family, friends or co-workers
- Intangible property like intellectual property or patents
- Searches for international estates, bank accounts or stocks
- Identifies bank accounts or hidden safety deposit boxes
- Determines hidden wealth through financial obligations and contracts
- Performs forensic accounting on financial records to find discrepancies
While these are general duties, asset recovery investigators are highly skilled in assisting clients with any type of search. While some cases are quickly resolved, others require in-depth scrutiny and a higher level of expertise. Anytime you are in doubt about your personal situation, it is best to hire an investigator to discover the truth and gain a better understanding of where you stand. Not only will you identify the facts that help you make decisions, but you will also determine any possible liabilities, such as liens, lawsuits, judgments or bankruptcies that will make it diffilcult.
