Signs Your Spouse May Be Hiding Assets in Your Texas Divorce

 Posted on May 31, 2023 in Divorce

Besides child custody, one of the most contentious issues in a divorce is often the division of assets. Texas is a community property state, meaning that the marital estate is divided 50/50. Unfortunately, some spouses do all they can to try to prevent the other spouse from receiving their fair share and attempt to hide marital assets. There are often certain red flags that may indicate this is occurring. The following are some of the most common signs.

Unusual Financial Behavior

If your spouse suddenly starts exhibiting unusual financial behavior, such as opening new bank accounts, making large cash withdrawals, or transferring money to unfamiliar accounts, it could be a sign of attempting to conceal assets before they file for divorce.

Hidden Accounts and Statements

The process of hiding assets usually begins before a spouse files for divorce by opening up secret financial accounts. If you discover bank statements or financial documents that you were previously unaware of, it may indicate hidden accounts or undisclosed assets.

Overstating Debts

Your spouse might try to inflate their debt obligations to make it seem like they have fewer assets available for division. This could involve manipulating credit card statements, loan documents, or other financial records.

Sudden Decrease in Income

Another tactic that some spouses will try in order to avoid paying the required amount of child and/or spousal support is to have an unexplained decrease in income. This might involve intentionally reducing work hours, taking a lower-paying job, or hiding income through underreporting.

Discrepancies in Financial Disclosures

Pay close attention to the financial disclosures provided by your spouse during the divorce process. Look for inconsistencies, missing information, or undervalued assets. If there are unexplained gaps or discrepancies, it could be a sign of hidden assets.

Hiding Valuable Assets

Another way spouses attempt to manipulate the value of the marital estate is by undervaluing assets, such as real estate, vehicles, jewelry, artwork, or investments. Your spouse may also attempt to transfer ownership or hide these assets to prevent their inclusion in the divorce settlement.

Uncooperative Behavior

A spouse hiding assets may exhibit a lack of cooperation in providing financial information or obstructing the discovery process. They might refuse to provide documents or deliberately delay the proceedings to buy more time for asset concealment.

Contact a Collin County Divorce Lawyer

If you have decided to end your marriage and suspect your spouse is attempting to hide assets, it is important to consult with a qualified Frisco, TX divorce attorney who has experience in dealing with these types of issues. Call Moore Family Law, P.C. at 214-764-8033 to schedule a confidential consultation.

Source:

https://www.forbes.com/sites/catherineschnaubelt/2019/03/08/finding-hidden-assets-in-a-divorce/