A major aspect of the divorce process is splitting assets in property division. Texas is a community property state, meaning each spouse is entitled to half of their marital property and responsible for equal shares of marital debts. Because of this, one spouse may decide to hide assets.
Although each party is required to truthfully disclose all property and income through their divorce, some view the reward to be far greater than the risk. When a spouse hides marital property, the other spouse doesn’t receive their fair share in the settlement. Additionally, this can impact spousal support and child support.
Methods Of Hiding Assets
If there is any doubt that your spouse may be hiding assets, it’s essential to uncover them in order to protect your best interests. Here’s what you should keep in mind when your spouse is hiding assets.
When you suspect your spouse has hidden assets, you will need to prove it to the court by finding them. Assets can be hidden in many complicated ways.
Here are a few ways your spouse could be hiding assets:
Your spouse is making several unusual payments to their friends or family with the intention of reimbursement following the divorce.
Your spouse often receives unreported cash that isn’t deposited into their bank account.
Your spouse has been making expensive purchases that they could potentially return or resell after the divorce is finalized.
Your spouse has a secret safe deposit box where they are stashing cash and other valuable property.
Your spouse has an offshore account.
Your spouse is overpaying their taxes.
Your spouse turns down promotions and raises with the intent of waiting until after the divorce.
In some instances, you will be able to spot these habits, but it is more likely you will have no idea. With so much on the line, your spouse will do anything they can to keep this a secret.
However, sometimes actions speak louder than words. While you and your spouse are likely not on the best of terms during the divorce process, if you notice suspicious behavior when it comes to your shared finances, it could be a sign that your spouse is hiding something.
Discovering Hidden Assets
If you have reason to believe that your spouse is hiding assets or planning on hiding assets in your divorce, you should reach out to a Woodlands divorce attorney as soon as possible. Your lawyer alongside a forensic accountant will be able to discover whether your spouse is attempting to hide assets that are rightfully yours.
If you need help uncovering hidden assets, call Parchman Law Group today at (713) 364-0777.