Many private investigation organizations provide services such as surveillance, asset searches, employment background checks, and others. Many individuals, organizations, and government entities hire a private investigator for these purposes. Let us know about asset searches which is a part of private investigation.
An asset search is a search of records that are not readily available to the public. Asset searches may check for tangible assets such as vehicles, equipment, bank accounts, stocks and insurance policies. Intangible properties such as promissory notes, contracts, wages, income and others are also checked under asset searches. The purpose of asset searches is to discover the location and extent of assets and holdings of a person or an entity. Many business and personal situations arise where it is necessary to conduct asset searches. Some of them are listed here.
Entrance to a New Business Venture:
It is essential to perform background checks while considering investment in a new business. When a new investor is brought to the existing company or when two companies are merging, then it is necessary to conduct background checks including asset searches.
Entrance into a Lawsuit:
Before filing an suit against an individual or a company one need to check for assets. The assets of a person need to be checked before giving judgment. It is necessary to find whether a person is in a position to pay court ordered sum.
Some people hide assets which might rise a dispute. Asset searches are performed in divorce cases for checking any assets hidden by spouse.
Public child support enforcement agencies are ill- equipped for locating parents who evade their child support obligations. When the parent is gathered in child support cases, the information of hidden assets, their wages, and others are to be checked. They are provided to the proper child support enforcement agency which helps in facilitating collection.
Apart from these situations, asset searches are also conducted at situations including contestant of a will and collecting on a judgment.