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Hidden assets: What you need to know

On Behalf of | Oct 2, 2021 | Divorce, Property Division

Although it is illegal, a spouse in a high-end divorce may try to hide assets from you. If this occurs, it becomes challenging to determine a fair settlement agreement.

Suppose you do not actively manage your marital finances with your partner, or your spouse owns businesses you do not operate. Your lack of knowledge regarding property holdings may inspire your spouse to conceal information.

Is your spouse hiding assets from you?

If you think your partner is intentionally hiding portions of your marital property from you, look for potential warning signs:

  • Does your spouse have a separate post office box?
  • Is your partner paying off debts to family and friends that you did not know existed?
  • Are there unusual deposits or withdrawals from your bank accounts?
  • Do your income tax returns contain income information you do not recognize?
  • Has your partner recently purchased expensive items or overpaid bills, or tax debts?

How can you find hidden assets?

Creating an agreement that is equitable for both parties is crucial during a divorce. To achieve this, you must have accurate knowledge of your marital estate. Start with the documentation and data you already know. Obtain necessary paperwork for bank accounts, property titles and deeds, retirement accounts, tax returns and investments.

Next, examine other information you have legal access to, like public records and your partner’s social media accounts. Your soon-to-be-ex may have devised creative ways to hide money from you. An experienced attorney can help you uncover these holdings through legal methods such as depositions and forensic accounting.

Spouses in Texas own marital property, holdings, investments, and accounts equally regardless of whose name is on the title. It is crucial to get a complete picture of your finances to secure a fair divorce settlement.