With April 15 quickly approaching, many Americans are rushing to finish and file their federal and state tax returns. If you have already completed your annual tax filing, you may be looking forward to a refund. Still, if you are heading for a divorce, you must be certain your soon-to-be ex-spouse is being forthcoming about all marital assets.
According to Texas law, both spouses have an equal ownership interest in the marital estate. When your divorce concludes, you expect to receive your fair share. Unfortunately, your husband or wife may be using the IRS to hide assets from you.
Increasing tax withholdings
Most Americans want to pay as little tax as possible. Therefore, when completing W2 forms, it is common for individuals to ask their employers to withhold just enough pay to cover their tax obligations. Still, it is possible to increase tax withholdings.
If your husband or wife does so, he or she brings home less money every pay period. The difference does not disappear, of course. After tax time, the IRS is likely to return the overpayment to your spouse. If your partner files a separate tax return, this money will probably end up in his or her bank account.
Finding missing wealth
Your spouse has an affirmative duty to be honest with you and the court about his or her finances. If you suspect your husband or wife may be using the IRS to hide wealth from you, you may want to work with a forensic accountant. Put simply, this professional knows how to follow the money.
Ultimately, if you can uncover your spouse’s deception, you may receive more during your divorce.