Under any circumstances, ending a years-long marriage is a challenging and emotional process. Those who are going through a high-asset divorce in Texas should take note of a few things. For one, it is not uncommon for a soon-to-be ex to attempt to hide assets or financial information. Here are some lesser-known ways a spouse may try to conceal assets in a high-asset divorce.
Cryptocurrencies
In recent years, cryptocurrencies have earned the reputation of being ways to conceal wealth. Tracking down ownership of cryptocurrencies can be a challenge, so a spouse could attempt to conceal wealth in this form. However, the IRS makes it a requirement to report the sale of digital assets on tax returns.
Jewelry, artwork and collectibles
Thanks to the convenience and ease of making purchases online, artwork and collectibles have become a method that spouses sometimes use to conceal wealth. Many times, a piece of artwork can look ordinary to the untrained eye. But, the piece can be an invaluable collectible. When in doubt, hiring an experienced appraiser can be a worthwhile expense.
Where to go for help
Spouses in high-net-worth marriages may try to hide assets in creative ways to avoid getting caught. However, concealing money or assets in a divorce is against the law. Those who are caught hiding assets can face harsh financial penalties, and possibly incarceration, while a greater share of finances and assets are typically awarded to the other party. Anyone in Texas who needs help with any aspect of divorce can benefit by speaking with a legal representative. A knowledgeable family law attorney can offer much-needed advice and personal protection.