Signs Your Spouse May Be Hiding Assets Before a High Net Worth Divorce

 Posted on March 26, 2020 in High Asset Divorce

Divorces can be extremely contentious regardless of the income levels of the spouses or the amount of assets they share. However, high net worth divorces in Texas often are among the most contentious, given that the parties have more to lose financially than other couples who are going through the divorce process. When one or both parties realize that divorce is likely in their futures, issues about hidden assets may start to arise. If you have concerns about your spouse hiding property or trying to prevent certain assets from being classified as community property, you should reach out to a Texas high asset divorce attorney as soon as possible. At Powers and Kerr, PLLC, we routinely assist clients with this very issue and can discuss options for working with a forensic accountant to locate hidden assets.

In the meantime, we want to provide you with some useful information about recognizing when a spouse may be trying to hide assets before a divorce.

Why Would a Spouse Attempt to Hide Assets?

Why would any spouse in Austin, Texas try to hide assets before a divorce case? As you may know, Texas is a community property state. What this means is that, under Texas law, nearly all property acquired by either spouse after the date of the marriage will be classified as community property and will be subject to division in the divorce case. A spouse might try to hide assets to prevent those assets from being classified as community property and divided. There are many different ways that people can try to hide assets, and it is important to recognize the signs. If you do have concerns, you should speak with your divorce lawyer as soon as possible.

Common Signs That Your Spouse May Be Trying to Hide Property

The following are some common signs that your spouse may be hiding assets before your divorce:

• Your spouse is paying additional taxes to the IRS in order to get a refund after the divorce
• Your spouse did not receive his or her usual yearly bonus (the spouse could have asked the employer to defer the bonus until after the divorce)
• Spouse says she owes money to a friend or a family member that needs to be repaid as soon as possible
• Bank statements or other account statements are no longer arriving at your home address
• Funds are missing from your shared bank accounts or from other investments
• Friends indicate that your spouse asked them to hold onto money or other property until after the divorce
• Physical property has actually gone missing from the house, such as a valuable painting or rare book
• You find cash hidden in the house or in your spouse’s office

Contact an Aggressive Austin High Asset Divorce Attorney

If you are anticipating a high net worth divorce in Texas, you should never attempt to handle the divorce case on your own. While some divorces are relatively simple and straightforward, any divorce involving substantial property will be complicated. Accordingly, you need to have an aggressive Austin high asset divorce attorney on your side to ensure that you are awarded the property you deserve.

At our firm, our Austin high asset divorce attorneys routinely represent clients in the area, and we can answer any questions you have about finding hidden property. Contact Powers and Kerr, PLLC online or call our firm at 512-610-6199 to learn more about our services.

Source:

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