The ending of a marriage can sometimes present a certain level of challenges and complex issues to Texas spouses. This can especially be true for high-asset divorce cases, where the financial stakes are much higher. Unfortunately, there have been many instances where one party has purposely attempted to omit some assets from the proceedings to prevent them from becoming subject to division.
Texas is a community property state where all qualifying marital assets are divided in an equal manner. Because of this, taking a proactive approach to ensure there are no hidden assets during the division of property can make a substantial difference in one’s ultimate divorce settlement. Thankfully, some measures can be taken to minimize the chances of this situation happening.
Examples of hidden assets
Carefully analyzing any voluntary disclosures of assets made by one’s partner is an important first step during this process. Some examples of marital property that are often purposely or mistakenly omitted from these disclosures include the following:
- Offshore bank accounts
- Vehicles purchased with minimal to no paperwork
- Stock options
- Artwork
- Jewelry
- Real estate properties
There are professional resources available as well, such as a forensic accountant, who can help if any issues arise over the proposed valuations of these items.
Other steps to ensure all marital property is accounted for
There are other measures available that have the potential to prevent a spouse from disclosing a limited amount of the eligible marital property. Forcing the other party to provide sworn testimony to the court, acquiring the services of a private investigator and using interrogatories to obtain detailed financial information could all prove invaluable to this cause. Last but not least, the guidance and support from an experienced family law attorney can help minimize any issues or problems that arise during the divorce process, allowing for a much smoother transition into the future.