When you decided to move on in life without your spouse, rather than stay in an unhappy marriage, you may have immediately started thinking about property division issues. With a high-net-worth value, you expected to encounter complex financial issues that you would have to resolve before you could achieve a fair settlement. What you hadn’t expected, however, is that your spouse might try to hide assets to keep you from getting all that you are entitled to according to Texas marital property guidelines.
This is a community property state, which means that marital assets and liabilities are typically split 50/50 in a divorce. You would not be getting your fair share if your ex is hiding assets because full disclosure is necessary for the court to make its decisions. There are numerous red flag issues that can alert you to a hidden asset scheme.
A forensics accountant can uncover a hidden asset scheme
There are accountants who are trained in financial forensics, otherwise known as tracking financial activity. If you suspect that your ex is trying to hide money or other assets, you can enlist support from a forensics accountant. Such an accountant knows where to look to uncover a hidden asset scheme because many spouses use similar tricks, such as asking someone to hold money until the divorce is final and claiming it is a loan or understating the value of a luxury item recently purchased, such as real estate or artwork.
The court can order financial institutions to provide information
Maybe you noticed that money is missing from a bank account you share jointly with your spouse. If you think that he or she has opened another account in order to stash cash there, the court can order bank officials to provide information regarding any and all accounts that exist under your spouse’s name.
Hiding assets in divorce is a form of perjury
Texas law is definitely on your side if you have evidence to prove that your spouse is hiding assets in your divorce. This is a form of lying under oath to the court, which is perjury. If the judge overseeing your case is convinced that your spouse is being dishonest regarding assets, he or she may hold your spouse in contempt of court.
When you file for a divorce, you can expect a fair settlement. Such a settlement is impossible to achieve, if a spouse is hiding assets. While confronting this issue may intensify the emotional turmoil you already feel as you part ways after years of marriage, you have a right to receive all that you are entitled to according to Texas marital property laws. The court does not look favorably upon those who act unlawfully to try to beat the system.