Are you going through a divorce and suspect that your spouse may be hiding assets? If so, you’re not alone. A lot of our clients suspect their spouse is hiding assets. The question is what your Tomball divorce attorney can do about it.
Here, we’ll explore what happens if your divorce lawyer uncovers evidence that your spouse has been hiding or moving assets.
How Can Your Spouse Hide Assets from You Before and During Divorce?
If your spouse wants to hide assets from you, there are a variety of ways they can do it. They may transfer money to an account that you don’t know about.
Another thing your spouse may do is buy expensive items in cash or use a friend’s name on the purchase. Additionally, they may try to undervalue assets on financial documents or transfer ownership of assets to someone else.
Some of the specific things your spouse may do to hide assets include:
- Opening new bank accounts in their name only
- Moving funds into offshore accounts
- Creating fake debts or liabilities
- Making large cash withdrawals
- Selling stocks or other investments without reporting it
- Hiding cash or valuables in a safe deposit box
- Giving away or transferring ownership of assets to family members, friends, and business associates.
The good news is that, between your divorce lawyer in Tomball and your investigators, you can track these assets down. And, if you’re successful, your Tomball divorce attorney will request that the judge order your spouse to pay your attorney fees as punishment.
How Can Your Divorce Attorney Find Out if Your Spouse is Hiding Assets?
If you think your spouse may be hiding assets, there are a few things you can do to find out.
First, look through financial records together and try to identify any discrepancies. Your divorce lawyer may need to enlist help from a forensic account and private investigator to trace hidden assets.
Here are some other ways a divorce lawyer can uncover hidden assets.
- Cash: Your attorney may be able to look at your spouse’s financial records to see if there are any unusual withdrawals or deposits that could indicate hidden cash.
- Investments: If your spouse has investments that are not in their name, it may be hard to find out about them. Your attorney may be able to subpoena investment records from your spouse’s employer or financial institution.
- Property: Your attorney may be able to look at public records to see if there are any properties registered in your spouse’s name.
What Can Your Divorce Attorney Do if They Prove Asset Hiding?
If your Tomball divorce attorney can prove that your spouse is hiding assets, they may be able to convince the court to award you a larger share of the marital assets. This is because courts typically view asset hiding as an act of bad faith and may penalize the offending spouse by awarding them a smaller portion of the assets.
How Can You Protect Yourself from Asset Hiding During Divorce?
If you’ve filed for divorce in Texas, don’t be naïve when it comes to your marital assets. Don’t put it past your spouse to hide assets from you and the court. It’s important that you protect yourself.
It’s also important that you let your Tomball divorce attorney know that you suspect your spouse is hiding assets.
There are a few things you can do to protect yourself from this type of behavior:
- Be proactive about gathering financial information. Request copies of tax returns, bank statements, and other financial documents from your spouse as soon as possible. This will give you a better idea of what assets are available for division in the divorce.
- Keep track of your own finances. In addition to requesting financial information from your spouse, stay up-to-date on your own financial situation. This way, you will be less likely to be taken advantage of financially during the divorce process.
- Work with a qualified divorce attorney. An experienced divorce attorney can help you collect the necessary documentation to prove that your spouse is hiding assets and can negotiate on your behalf to get a fair settlement in the divorce.
Reach Out to a Seasoned Tomball Divorce Attorney to Confirm Your Suspicions
If you think that your spouse may be hiding assets, it’s important to have a knowledgeable Tomball divorce attorney by your side. With the right legal help, it is possible to uncover these hidden assets and ensure that they are included in the division of marital property.
Once these assets are uncovered, they will be included as marital property. This means that these assets will be subject to equitable distribution. Being able to prove that your spouse was hiding these assets can also make a big difference when it comes time to negotiate your divorce settlement.
Contact one of our divorce lawyers in Tomball, Texas as soon as you suspect this sort of behavior is going on. All you have to do is call our office at 281-351-7897 and schedule your initial consultation.