It’s safe to say that couples never really expect to get divorced when they get married. However, when circumstances make a marriage irreparable, divorce is often the best course of action. For spouses in Texas who undergo a high asset divorce, one party may be tempted to hide assets or neglect to disclose them. Intentionally hiding assets is not only wrong, but it is also illegal. Here are some ways a spouse could hide assets and what can be done to find them.
How assets are typically hidden
There are many ways a spouse can hide assets, but one common way can be found when a spouse owns a business. There are certain ways to make it look like a business has less money than it actually does. For example, the spouse could pay salaries to workers who don’t exist, or wait until after the divorce is finalized to make a business deal. Another common way spouses can try to hide assets is by giving money or setting up a trust for a friend or family member who will return the money after the divorce.
Finding hidden assets
When a spouse tries to hide assets, it doesn’t mean that the other spouse won’t find them. A spouse can get copies of financial documents even if the other party was solely responsible for managing the finances. Also, enlisting the help of a forensic accountant can also be very useful in uncovering hidden assets.
Hiding assets is illegal and offenders are often penalized. Spouses who are caught hiding assets may be required by the court to pay the other spouse his or her share of the assets. For those in Texas who are suspicious that a spouse is hiding assets or just need help with a high-asset divorce, contacting an experienced attorney can prove extremely beneficial. A trusted legal representative can provide invaluable advice and protect the client’s personal rights.