Getting Started: What Is an Asset Search?
Locating assets can be a challenging task for anyone not familiar with the sources available and where to access records. Individuals and companies conduct asset searches for various personal and business reasons. Law firms conduct asset searches prior to filing a lawsuit to see if the defendant can pay the judgment resulting from the case. A new partnership forming between two companies may conduct a search to show the value of the other entity. Dissolution of marriage cases can also prompt a probe of assets believed not being disclosed at trial.
You can begin an asset search by looking up records available to any member of the general public. Financial information such as bank accounts, stocks, bonds and other portfolio holdings are protected and generally require a court order or subpoena to obtain. However, many assets are recorded as public information where they can reveal essential data about the subject of your search.
Step 1: Gather Identifying Information
An essential preliminary search is to find all addresses under the person and any other names used that may be recorded or documented. Many public records are found under a maiden or previously married name as well as DBA and corporations. Viewing all addresses under the individual's name or multiple names you found will show residences in states where assets can be located.
Step 2: Real Estate Ownership Records
Real estate ownership is made public and offered by recording agencies such as county assessors, recorders, property tax collectors or any other department that is the custodian of recorded deeds. Public record search sites will point you in the direction of where and which agencies will provide ownership information, value and other details that vary from state to state.
Uncovering a spouse's name or names is another benefit to obtaining property records in cases where assets are being recorded under the wife or husband's name. Search the addresses obtained during your investigation and see if property is under a spouse or another family member's name. Property records can also reveal the name of a trust that may be connected to the subject of your search.
Step 3: Business Ownership & UCC Filings
Business ownership information uncovers an asset held by entrepreneurs as well as many other individuals. Look up corporations, limited liability companies and limited partnerships by searching the databases from the secretary of state or any other state agency in possession of the filings. See names, status, partners and other details of the company depending on the state.
UCC (Uniform Commercial Code) filings are free from most states where you can search instantly with online databases. These filings reveal secured interests in assets and can help identify business assets tied to an individual.
Step 4: Government Records & FOIA
As government agencies have a duty to provide public information while confidential and personal data is protected, it is not at the agencies' discretion to deny a person or company an official request for information. The Freedom of Information Act (FOIA) guarantees government transparency and opens records held by government entities to the public. It provides guidelines as to what is public and confidential.
States contain their own statutes regarding government open meetings and records, also known as sunshine laws. Electronics, emails, texts and other forms of government information are being considered and included under modern FOIA interpretations.
Step 5: Court Records & Judgments
Access to court records with online sources directly from the individual state's judicial system can greatly supplement and improve your search results. Internet-based searches of cases are provided by many states. Look up judgments, jury awards, lawsuits and case details with essential information.
The Public Access to Court Electronic Records (PACER) system provides bankruptcy filing and case records. Bankruptcy information lists assets and liabilities of the defendant, creditors and claims — making it an essential resource in asset investigations.
Putting It All Together
A key step to locating assets is to begin your search gathering as much information you can find. Many databases are free such as looking up UCC filings, addresses, names, business filings and other background information. Essentially, more information helps to uncover even more information.
Utilize public record sites with directories of free and government sources to see where and which agencies contain services simplifying your investigation. Order records directly from the agency that is the custodian of the recorded documents. Collect free data online from an in-depth list of resources offered by your state — without being familiar and browsing the net without direction.