Divorce is a complex time full of emotions and difficult decisions. Often, the two parties are in contention with one another, and one spouse may actually attempt to take steps to prevent the other party from getting his or her fair share of marital property. The act of hiding assets can complicate a divorce, and it is also illegal.
If you suspect that your spouse is hiding assets, you may not be sure what to do next. In fact, you may just have a hunch that something isn't right. There are specific signs you can look out for that may indicate something is amiss. If your spouse is indeed hiding assets, you have the right to fight back. In Texas and throughout the country, you are entitled to pursue a fair portion of all marital assets and seek a strong financial future.
Why you should find hidden assets
Finding hidden assets is critical, as knowing about all marital assets is one of the most important ways you can ensure a fair financial agreement. It's not necessarily easy to bring these types of assets to light, but there are certain signs that could indicate there may be a problem. A thorough evaluation of your tax returns could help you understand if there are things missing from the required disclosures both of you submitted as part of the divorce process.
People attempt to hide assets in various ways. Sometimes, a spouse may open separate accounts and start putting money into them. Other times, a spouse may simply deny that the assets exist. He or she may tell you that the assets were lost. In other situations, a spouse may create false debt or defer income in order to hide wealth. While there are many ways to hide assets, it's also possible to find them by following the paper trail or doing an in-depth financial investigation with help from a professional.
Before you move forward in the divorce process, one thing that will be helpful to you is to take careful inventory of your assets. This includes accounts, but it also helps to look in physical hiding places, such as safe deposit boxes and other places in the home that could have cash and important papers.
Fighting for your financial future by uncovering hidden marital assets is complicated. You don't have to walk through it alone, but you can find significant benefit in working with an experienced Board-certified Family Law expert attorney in Denton County, Collin County, Dallas County, Midland County, Ector County or elsewhere throughout Texas who can help you understand your rights. An expert attorney’s assessment of your case can determine the most appropriate way forward and what steps you need to take next.