There are several reasons why you might want to do an asset search on an individual. As private investigators, we routinely perform this service for our clients. The following are among the most common reasons an asset search is done.
You’re Going to Sue
Attorney fees and court costs can add up quickly, so if you are planning on a lawsuit, you need to identify assets. Winning a judgment against someone means nothing if you cannot collect the money. Having a private investigator do an asset check can save you time and money pursuing a financial award that you may never see.
The same is true with debt collection. Private investigators routinely work with companies looking to collect money. If a debt cannot be collected, the last step is bringing an individual to court. Naturally, it is a waste of time and money to this if no assets can be identified.
You’re Going Into Business Together
If you are thinking about going into business by taking on a partner, one of the most important aspects of your partnership will be verifying that they have the financial resources they claim to have. This is especially important if these resources are aimed at supporting the new business. An initial commitment of cash to start a business is one thing, but if there are other assets that will be used over the next year or two as continuing funding for your new enterprise, you need to verify that these assets exist before going into business.
You Need More Information Before Hiring an Employee
This type of asset search is often done in conjunction with a background check. If you are planning on hiring someone who will be handling a lot of money or company assets, you don’t want them to be tempted to steal from your business. An asset search complements both a credit report and a criminal background check to give you a good idea of a person’s financial resources and trustworthiness.
You are Considering Filing for Divorce
Before you file for divorce, it is a good idea to identify all of your spouse’s assets first. This gives them little room to hide them after they find out you want a divorce. Although it is possible to find hidden assets after a divorce is filed, it is more advantageous if you identify these assets before you file.
This is one of the many services that a private investigation firm provides to divorce lawyers, but it can also be provided to individuals contemplating a divorce.
There is no need to guess about an individual’s assets. Whether you simply want to know your spouse’s assets prior to a divorce, verify assets before suing or do an asset check on a potential employee or business partner, our private investigation firm can do an asset check for you and reduce the consequences of not knowing about an individual’s asset profile.