Do Spouses Try to Hide Assets in Texas Divorces? 

In the hustle and bustle of the divorce process, you may not take the time to fully review your financial affairs and may only realize that something is off once you view your spouse’s financial affidavit. Do his or her bank account balances seem low? Could you have sworn there was a valuable baseball card collection that simply is not listed on the affidavit? Are you starting to suspect your spouse is being less than honest with you, their attorneys, and the court to get out of paying child support or spousal support? 

If so, it is important to listen to these hunches. People can and do try to hide assets from their spouses, especially during high net worth Texas divorces, and unless you take the steps to ensure you find any hidden assets, you could lose out on a valuable portion of your marital estate. Having an experienced Texas divorce attorney can help you examine your spouse’s financial affidavit and find ways to prove there are more assets than are currently listed. 

How Do Spouses Hide Assets? 

Unsurprisingly, spouses with greater financial sophistication are more likely to hide assets in ways that are more difficult to recover. If your spouse has been dishonest with you in the past about finances, has sought to control your family’s financial management, or refused to give you passwords to shared accounts, you have good reason to be suspicious in your divorce. Here are some common ways spouses try to hide assets: 

• Making false “gifts” or “loans” to family members and friends with the expectation of getting the money back once the divorce is finalized 

• Hiding actual cash

• Hiding valuables, like jewelry or collectibles, in safety deposit boxes

• Opening savings or investment accounts without disclosing the contents 

• Placing funds in overseas accounts 

• Intentionally pre-paying on taxes with the expectation of a larger refund the following year 

• Not reporting cash payments, especially if your spouse owns their own business or works in a tip-oriented industry 

• Paying non-existent “employees” and actually keeping the money for themselves 

How Are Hidden Assets Recovered? 

Finding hidden assets can be challenging and often requires outside assistance from financial experts. A forensic accountant, for example, is an accountant who knows how to dig through years of financial statements to find things that are amiss. Business accountants likewise can look through a business’s financial statements, including invoices and accounts receivable, to determine whether everything adds up. Other times, private investigators may be necessary to find hidden funds or to prove connections between undisclosed business associates. Whatever the circumstances in your case may be, do not decide to investigate your spouse on your own; you may inadvertently break laws or place yourself in danger. Instead, speak with a Texas divorce attorney right away. 

Schedule a Consultation with a Fort Worth, TX Asset Division Lawyer

Texas law entitles you to a fair portion of marital assets, and you should feel justified in fighting for that - especially if you suspect your spouse is trying to hide assets from you. To learn more about how an experienced Texas asset division attorney can help you resolve issues of hidden assets during divorce, contact Hatton & Hatton, PLLC today at 817-349-8120 to schedule a free, confidential consultation. 

Source: 

https://guides.sll.texas.gov/community-property/property-division-in-divorce