Texas is a community property state, meaning all assets accrued during a marriage are to be divided between the spouses when a couple divorces.
Divorce lawyers find that in higher-asset marriages, it can be a lengthy and complicated task especially if one spouse hides some of their assets.
Hiding assets to prevent them from being divided is illegal, but there are some who will attempt to do just that.
If you feel your spouse might be guilty of that, these are some of the ways that a skilled divorce attorney can help you find out and recover all of the assets that should be dispersed during your divorce.
Banking and Credit Card Records
The first place that a divorce lawyer will direct you to look for evidence that money or assets are being hidden is to bank accounts and credit cards.
All bank statements, canceled checks, and other transactions in all accounts should be carefully examined to detect unusual spending or deposits, money transfers, cash advances, and suspicious purchases to name a few.
Look for transactions that could indicate the possession of unknown assets or the existence of private, unknown bank accounts that could be holding transferred funds and other assets.
Tax Records
Next examine tax records from the past 5 to 10 years looking for inaccuracies, inconsistencies, and other evidence that your spouse has assets hidden somewhere.
Divorce attorneys find that spouses looking to avoid an audit will still legally report added income, owned property, and other assets.
This is especially important if your spouse is the one who usually takes care of both your tax filing under the belief that you will never look at the paperwork.
County Records
Another place where records of financial transactions like loans and mortgages can be found is at the county courthouse.
Lawyers suggest requesting a copy of any financial transactions on record, as the county has access to those financial applications.
Within those applications, there may be even further indication of assets owned and listed as collateral, net worth, or existing debt.
In addition, the county tax assessor’s office will have records of any deeds and titles of owned property, so request that information as well.
Professional Forensic Accounting
In some high-asset marriages, divorce attorneys may even recommend bringing in a specialist to work with you on tracking down hidden assets.
Forensic accountants have expertise in knowing where and how people hide assets and can provide an experienced, fine-toothed comb when looking for hidden property and assets.
These specialists can usually find money even when it has been hidden in highly creative ways including in a friend’s accounts, via expected work bonuses that have been intentionally withheld, and more.
An Experienced Divorce Lawyer Can Find Hidden Marital Assets
The division of marital assets during a divorce is supposed to include all wealth that the state of Texas deems to be marital property.
Unfortunately, divorce lawyers do see cases where one spouse attempts to hide assets from the other spouse in an effort to retain it all.
If you suspect your spouse could be hiding assets, discuss it with a divorce attorney experienced with high-asset divorces.
Together, he or she will help uncover any wealth or property that has been intentionally hidden so that you get a fair share during the property division process.
