When a couple has a lot of assets and they decide their marriage is no longer working, what they’re worth is likely the last thing on their minds — at least in the beginning. But when Texas couples come to terms with the divorce and begin thinking about assets, there may be something that one spouse suspects the other of hiding. All assets must be accounted for at some point during the divorce process, especially during a high asset divorce.
Four areas
There are four hard hitters when it comes to these kinds of assets: Pensions, military benefits, cryptocurrency and stocks. These normally don’t come up in a couple’s conversations about finances and assets, so it’s important each person has some understanding about how they can play out in the event of a divorce. For example, a spouse who works in banking or finance might have a portfolio containing restricted stocks. These could actually be sizable, and could have ramifications for the other non-earning spouse. In these complex instances, a lawyer’s acumen is invaluable.
Cryptocurrency, pensions and military benefits
Each spouse should know about the other’s company pension plans — if they exist — and what accumulated during the marriage so they can be accounted for and divided. Regarding military benefits, the spouse who served must have been serving for at least 20 years, the couple had to have been married for 20 years or more, and military services and the marriage have to have overlapped for 20 or more years, hence a 20-20-20 rule. The hardest asset to trace can be cryptocurrency like Bitcoin and Ethereum. If one spouse isn’t honest about this type of asset, a professional such as a forensic accountant may need to be called in.
There are all kinds of issues wrapped up in a high asset divorce. Hiding assets is only one of them. In the case of suspected hidden assets in a high asset divorce case, each spouse would be well-advised to seek independent legal advice from a Texas attorney experienced in family law.