Recovering Hidden Assets – Part 3 of 8
Identifying Resources
Assets are anything that a person has, whether it be real or personal property. Some personal property is referred to as “”tangible,”” while others are referred to as “”intangible.””
- Tangible Personal Property is a valuable thing that a person purchased. Possession is a frequent way to determine ownership. Computers, bank accounts, bonds, equipment, stocks, and inventory are examples of tangible personal property.
- Promissory notes, accounts receivable, wages, income, and royalty agreements are examples of intangible personal property.
It is worth noting that many Americans own multiples of the same form of personal property, such as bank accounts, safe deposit boxes, and insurance policies. More information regarding possible bank accounts, investments, and limited partnerships can be found on a person’s tax return.
You’ll need something to link it to, such as real estate or a bank account. If there is a homestead exemption, the house may not be eligible.
A subpoena may be your sole option for obtaining the information you require. If this is the case, make sure your lawyer demands to view all relevant financial records.
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