During a divorce in Texas, it’s not uncommon for the former spouses to try to hide assets from each other. Sometimes they’re trying to prevent their assets from being divided in the divorce; other times, they’re trying to get back at their former spouse by hiding assets from them. Whatever the case, it’s important for all assets to be uncovered so both individuals receive a fair share of the finances.
How do people attempt to hide their assets?
To hide their assets during a divorce some people will give the asset to a third party with the understanding that it will be returned to them when the divorce is finalized. Other people lie and claim that the asset was lost. Some create false debts to create the impression that their net worth is smaller than it really is.
Finally, some people “forget” to mention the asset or deny that it exists when it’s brought up during the divorce process. If an individual discovers that their former spouse is hiding assets, they might want to talk to a lawyer who specializes in family law.
How can people uncover hidden assets?
Going through tax documents can help people uncover hidden assets. They can start by checking the itemized deductions, which might reveal undisclosed assets. The supplemental income section can also reveal hidden assets that are generating income for the owner. Individuals should also check potential hiding places like safe deposit boxes.
Where can people go for guidance during a divorce?
Hiring an attorney can potentially make the divorce process easier and help both parties get back to their lives as soon as possible. An attorney might be able to help their client evaluate their assets and uncover any assets that their former spouse might be hiding. As a result, they may help their client receive the best possible deal.