Could Your Spouse Be Hiding Assets in Your Texas Divorce?

 Posted on October 23, 2020 in Complex Property Litigation

When you are in the midst of divorce, it is necessary to protect your rights from all angles, especially when it comes to finances. The lengths you go to in order to secure your financial well being and how you handle those proceedings will determine a great deal in terms of your quality of life and your overall lifestyle once the marriage has officially ended.

Why You Should be Concerned About Marital Assets

There are multiple reasons you should be aware of the possibility of hidden assets within your marriage as you undergo divorce. While it is obvious that every spouse should naturally be concerned about finances during a split, if you are not vigilant, hidden assets, in particular, can significantly affect your bank account, investments, and other financial resources after the divorce is final.

When your spouse conceals assets, it places you at risk for losing large chunks of marital property that you would otherwise be eligible to claim. This loss of property can affect everything from your day-to-day bills to your general financial stability. It can also trigger more long-lasting consequences, such as creating obstacles to your future financial plans, as retirement funds, savings accounts, and more can be affected.

Recognizing Red Flags

The National Endowment for Financial Education reports that hidden funds are discovered in two out of three marriages. Spouses attempting to hide assets is a common occurrence, and many individuals ignore warning signs that something might be off. One of the most common warning signs to be aware of as you question whether or not your spouse is hiding financial assets is the full takeover of your finances. If your spouse has taken complete control over your money, manages your online passwords, or is secretive about the funds you share, do not make the mistake of simply dismissing these suspicious behaviors.

Other red flags include downplaying expensive purchases, making a habit of lending money to family or friends, and setting up a life insurance policy without warning or discussion. Additionally, if you have access to joint accounts and notice direct transfers to colleagues, friends, or family members, you should be alert to these warning signs and discuss them with your attorney.

Texas Divorce Lawyer Safeguarding Your Best Interests

If you are beginning to suspect your spouse has been hiding assets during your divorce or you have already discovered tangible evidence of such deceit, a qualified Austin, TX divorce attorney can help. We will work with you to uncover the hidden funds and protect your rights in a court of law as you attempt to claim the property to which the law says you are entitled. Call Powers and Kerr, PLLC today at 512-610-6199 for a confidential consultation.

Sources:

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

https://www.marketwatch.com/story/my-brother-in-law-asked-my-husband-to-hide-a-six-figure-cash-windfall-before-his-divorce-2017-09-22