While an asset investigation sounds intimidating, it is a helpful tool for businesses when they need to know another party’s financial situation. It provides a full picture that you can then use to your advantage.
Learn more about what happens in an asset investigation and why you need a trustworthy investigation professional.
What Is an Asset Investigation?
An asset investigation is a process of discovering, identifying, and organizing assets to determine a person’s financial worth. Asset investigations are used to recover assets after they have been lost, stolen, or hidden.
Asset investigation professionals look through public records and various databases (such as credit reporting agencies), and follow their target for potential hidden assets.
What Types of Assets Are Typically Searched For?
Common assets that are investigated include:
- Bank accounts
- Real estate
- Vehicles
- Stocks/bonds/crypto
- Businesses
- Intellectual property
- Safe deposit boxes
- Retirement accounts
- Credit cards
What Are Hidden Assets?
Sometimes people try to disguise their assets to seem less wealthy than they actually are. This can be through transferring ownership of a business or vehicle to a family member or friend. When the investigation is over, the person being investigated can get their asset back while avoiding having that asset attached to them.
Other methods include hiding assets in offshore accounts or shell companies, or simply not disclosing all their assets in the first place.
Why Do Businesses Request Asset Investigations?
There are many reasons a business may request an asset investigation.
- Investigating Fraud
If the business’s financials are inaccurate, an asset investigation can uncover a misappropriation of funds. This could reveal that an employee or business partner is misusing money, embezzling, or stealing for personal gain.
- Business Debt Collection
If a business is owed money, it can hire someone to investigate the debtor’s assets to potentially recover its money. The investigation can uncover bank accounts, wages, real estate, etc., that can be seized or garnished.
- Legal Disputes
Any legal case usually requires an asset investigation of both parties as part of the initial legal strategy. This can also be used to prove that one party can pay the other their debt or that they have been acting inappropriately, so the case can be won.
3 Steps in an Asset Search
Here is an overview of how the process should go with a proper investigation.
- Initial Consultation
The professional will first meet with you to understand why you are asking for an investigation in the first place. Your objective determines the focus during their asset search.
- The Investigating
Once the objective has been identified, they will start searching. This may involve hiring outside help (with your permission).
The investigation can include looking at:
- Property deeds
- Mortgage documents
- Court records
- Business filings
- Social media
- Blockchain tracking
- Specialized databases (for vehicles, bank accounts, investments)
- Marriage and divorce records
- Tax returns
- Employment records
The investigation may also include surveillance of and interviewing certain individuals to uncover hidden assets.
- Reporting to You
Once the investigation is completed, the information will be verified to ensure it is current and accurate. After that, they will bring their findings to you and explain what they found and how it can be used to your advantage. You will be given the information as their job is done.
If they feel that they have not found anything that can help you, they will state as such and advise against you going after the other party.
Why Can I Not Conduct an Asset Investigation Myself?
Asset investigations take a long time to complete. There are many complex programs and paths to follow, some of which you may not have access to as an average person. If you were to attempt to do this yourself, you would take yourself away from your business operations, which could have negative consequences.
Additionally, facing consistent blocks, a lack of tools, and uncooperation will stress you out and waste your time. Instead, it is best to hire a professional who can navigate this task with ease.
See the Whole Picture with an Asset Investigation
Anything involving financials is complicated, and smart business people know they need to know all the variables before taking the first step. Asset investigations provide the full picture of a situation, whether it is debt repayment, fraud, or another situation.
You need an investigation professional who not only knows what they are doing but that you can trust. That is why you should partner with Ryan & Jacob. Our 20 years of experience ensure that we know what to look for, have the best searching tools, and provide you with the right information.
