Is Your Spouse Hiding Assets in Your Texas High Net Worth Divorce?

 Posted on February 17, 2022 in Divorce

It is no secret that sometimes divorces get ugly. The most common way that spouses try to hurt each other during divorce, aside from arguing over their children, is to try and get an upper hand in terms of asset distribution, sometimes by any means necessary. If you suspect your spouse of hiding assets, there are multiple methods your attorney can use to try and discover if assets are being hidden and where the assets have been moved to.

Methods for Your Attorney

In a divorce, your attorney is your first weapon if you suspect your spouse has committed some financial misdeed. There are multiple legal documents used during the divorce process, especially during discovery, on which a party is bound by law to tell the truth, and they must do so in very specific ways, providing very specific information. Both parties are bound to comply with any discovery request that the court deems ‘reasonable.’ Courts approve the majority of requests that are made.

If your attorney tailors their discovery requests appropriately, you can request significant amounts of information from your spouse. For example, written interrogatories are a common legal tool used during discovery where a party is asked to answer questions or confirm or deny a given statement.

Another common tool is inspections; assets like collections or safety deposit boxes may be inspected by either party at any time in most divorce cases, and the inspection may or may not turn up information pointing to embezzlement or other property-related wrongdoings. Depositions of your spouse or of relevant financial professionals can also shed light on potential issues, though in many situations, discovery depositions cannot be used at trial.

Methods Involving Outside Professionals

If you believe there has been asset misappropriation on a grand scale, your attorney may recommend hiring a forensic accountant. A forensic accountant is a financial professional who is also versed in how to spot potential fraud or other financial-related crimes. They have the capability to investigate asset transfers and other potentially unethical behavior, especially if there is a family business involved. 

Forensic accountants and CPAs can also work hand-in-hand with other professionals like business valuation experts and tax lawyers. The key to discovering hidden assets is to search for patterns, and different financial experts may hold the key to different patterns.

Contact a Travis County Complex Divorce Lawyer

If you suspect your spouse of hiding assets that may be yours by right, your first step is to speak to a skilled Austin, TX high asset divorce attorney. Call Powers and Kerr, PLLC today at 512-610-6199 to schedule a free and confidential consultation. Our legal team will ensure that your best interest are protected, and you receive what you are entitled to under Texas law.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.6.htm