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Common methods used to conceal assets

On Behalf of | Mar 14, 2017 | Property Division |

Odds are, you did not walk down the aisle with anything less than complete trust in the person you were about to marry, but regrettably, trust and relationships in Texas sometimes fade over time. When a marriage is on the brink of failing, it is not uncommon for one spouse to begin to try and set his or herself up financially ahead of the split, and he or she may attempt to conceal assets in doing so. At Fabio & Merrill, we are well-versed in the tactics spouses sometimes use to hide funds from one another, and we have helped many clients make sure that any community property acquired during the marriage is divided equally.

If you suspect your spouse may be trying to conceal assets in an effort to not have to split them with you, be on the lookout for obvious signs, such as sizable withdrawals from your bank account that may be deposited into another, separate account. You should also be on alert if your spouse suddenly sells off assets to another family member or close friend. This is sometimes done ahead of a divorce, with an agreement between the two parties that the asset will then be sold or transferred back after the divorce.

Your spouse may also make moves at his or her place of business to try and stack the financial deck in his or her favor. For example, he or she may ask that a promotion or raise be delayed until after proceedings are finalized, depending on his or her relationship with the employer. If your spouse owns his or her own company, he or she may also intentionally delay invoicing clients for work until a later date, when the income would not have to be divided between you.

Fair and equitable distribution of marital assets can only take place when all assets are accurately accounted for and identified. For more about how to ensure you receive your fair share in a divorce, visit our website.