It doesn’t matter how long a couple has been married — if they continually have marital issues that don’t seem to get resolved, they might decide it’s better to part ways. There may be family members or close friends who have been through the divorce process in whom to confide about the decisions that will have to be made, such as those regarding property division. Gaining an understanding of the laws in Texas that govern divorce can also prove helpful.
Playing by the rules is a must
There are some major issues to be resolved during a divorce, especially if children are involved. Property division is also on the table as an important issue, namely how to divide marital assets and debts. To achieve this, full disclosure is necessary. If a spouse tries to hide assets, things may get pretty messy, and it’s likely the couple will be heading to court. If one spouse suspects the other of hiding assets, there is definite cause for concern. The following includes ways in which spouses often try to conceal assets:
- If one spouse owns a business and the other notices an employee’s name on the payroll whom he or she has never heard of, it could be a ghost employee used as a way to hide money.
- Did one spouse recently open custodial bank accounts for minor children? This can be another way to shelter assets since the parent whose name is on the account can hide money there.
- If one spouse recently purchased something of major value like a vehicle or an antique, it’s important to ensure he or she reports the true value of the asset during the divorce. Not being truthful about the value of an asset is akin to hiding it.
- Overpaying on a tax return or credit card balance is another way spouses try to keep assets from being up for property division.
If a spouse lies about the value of an asset or doesn’t disclose all assets and liabilities in a divorce, the court may hold the person in contempt. Those who suspect a spouse is not being truthful about assets could significantly benefit from the assistance of an experienced attorney. One’s attorney can carefully analyze the potential marital property to ensure all qualifying assets are accounted for before the divorce is finalized.