Divorce can make people do strange things. Sometimes, people who are planning to divorce will take steps to hide assets. They do this to keep the assets from being part of the divorce process. Sometimes, one spouse will withdraw cash and begin physically hiding it as a means of keeping it. Other times, money can be deposited in a secret or offshore hidden bank account. Sometimes, assets are hidden in plain sight, with one spouse purchasing expensive items that they intend to keep without disclosing their value during the divorce. These are just a few of the more common ways that people hide assets during divorce. Trying to account for all recent income during a divorce is very complicated.
That’s why it is so important to work with an experienced family law and divorce attorney. If your attorney reviews you finances and agrees that there’s reason for concern about hidden assets, you may need additional help. Your attorney can connect you with a forensic accountant, who can determine what happened to assets and income over the last few years. These experts have the ability to locate hidden assets and account for every dollar that wasn’t part of your standard budget.
A forensic accountant can help with the fair division of assets
If your former spouse is hiding assets, it’s likely because he or she is hoping to receive an unfair division of assets in the division. A forensic accountant can locate these assets and ensure they are part of the divorce proceedings. When you don’t know what assets are there, how can you fairly divide them? Knowing what you have and what the value of each asset is will make it that much simpler to fight for a fair division of marital assets. The greater the overall value of your assets, the more likely that some of them have been intentionally hidden from you.
Texas courts strive for a fair division of marital assets in divorce. When one spouse is intentionally hiding assets, that can become much more difficult. An attorney can help you fight for a fair division of assets. Your attorney can also help connect you with professionals like a forensic accountant and experts capable of effectively and accurately determining the value of unusual assets, such as collectibles, unimproved real estate or even fine art.
You need an attorney if your former spouse may be hiding assets
Hiding assets is one sign of a contentious divorce. The more you and your former spouse disagree about asset division, the more important it is to have an attorney advocating for you. The legal system and divorce process are complex. Your chances of a positive outcome increase when you retain the services of an attorney who understands how assets are hidden and how to obtain a fair division of assets.
Source: Nov. 30, -0001