The more assets you share as a married couple, the easier it is to hide some of them before or while going through divorce proceedings. This is especially true if only one of you took the lead in managing all of your financial affairs over the course of your relationship. While hiding assets is illegal, it has not stopped numerous spouses in Texas from trying to do it.
What can you do if you believe that your spouse is keeping assets from being included in the divorce settlement? How can your attorney help you uncover hidden assets?
How to hide assets
There are a variety of creative ways in which one can try to hide assets from one's spouse. Some commonly seen include:
- Selling certain property for cash
- Paying fake debts to relatives or friends and/or making undocumented "loans" to them
- Investing in no-interest bonds
- Creating a custodial account
- Purchasing expensive items for a new significant other
- Setting up accounts to pay fake employees
- Failing to report income
- Retaining excessive earning in business entities subject to one spouse's control
You might think that a lot of this would be difficult to track, but at the end of the day, almost every transaction leaves some sort of paper trail.
How to find hidden assets
At the beginning of divorce proceedings, each spouse is usually required to provide a list of all marital assets. If you look at a list provided by your spouse and think it does not look right, you may seek help from your legal counsel as well as a forensic accountant in order to investigate the issue. The process of uncovering hidden assets can be a tedious one, but it can be worth it if it helps you achieve your rightful share of the marital property.
You can achieve a fair and balanced settlement even if your spouse tries to hide assets
In high asset divorce cases, it is not uncommon for one spouse to feel that he or she is entitled to keep a majority of the property. Fearing that this will not happen and to boost his or her own post-divorce economic standing, that spouse may take steps to keep assets hidden. You do not have to accept this type of behavior, however; you can fight for and achieve a fair and balanced settlement with the assistance of an experienced Board-Certified expert family law divorce attorney.