Warmbrodt Associates, PLLC - Family Law
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Warmbrodt Associates, PLLC - Family Law
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To learn more about what it means to be Board Certified, Click here

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Property division and hidden assets

The marriage is over and it is time for the Texas couple to separate their lives as well as their assets. As a part of the process, each individual is required to submit a financial statement that can be used to determine the various assets in addition to liabilities that should be considered as part of the community property. While one would like to assume that each individual will be honest when it comes to this statement, there are times when one spouse may believe that the other is not being truthful and thus attempting to hide assets that should be included in the property division settlement.

Hiring an investigator is one way to discover hidden assets. Unfortunately, this method can be costly. Another option is to look at paperwork currently available to the individual.

One of the first steps is to take a look at tax return documents; interest income must be reported. Depending upon the amount of interest earned, a Schedule B may have been required. This document will itemize the names of brokerage firms, banks and other investment companies with whom accounts are held. Even if the amount of interest earned did not require a Schedule B, the amount earned must be included. If this amount exceeds what is indicated on the financial statement, then the individual will want to ask for an explanation.

In many instances, the Texas resident will be able to discover hidden assets by looking through the paperwork already available in the home. This paperwork may be in the form of tax returns, documents tucked in the back of the filing cabinet or even hidden in a sock drawer. Experienced legal counsel can offer guidance regarding what to look for and how to proceed with the property division process.

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