Texas is a community property state, which means that all the property you and your spouse acquire during your marriage belong to both of you, regardless of whether only one of you worked for it. When you divorce in Texas, the marital estate includes all community property, and the court will divide that estate according to Texas law. Divorces can become complicated when one spouse tries to misappropriate assets to prevent the other spouse from getting his or her fair share. A Houston property division attorney can make sure your marital estate includes all marital assets.
Ways a Spouse May Try to Hide Assets
A spouse may try a number of different things to keep his or her assets out of the marital estate during a divorce, including:
- Transferring money or property to a friend or relative
- Moving money abroad or making investments abroad
- Spending large chunks of money on frivolous activities like gambling, drugs, vacations and gifts
- Funneling money through a business entity, either in dummy accounts or as wages for a fake employee
- Altering or destroying financial records
- Setting up accounts in a minor child’s name using the child’s Social Security number
- Paying back debts that don’t exist
- Undervaluing antiques and collectibles
How to Find Hidden Assets
If you are considering a divorce and you suspect that your spouse may try to hide assets, start a paper trail. Find all the records you can of your spouse’s retirement accounts, bank accounts, investment portfolios and property records. Find the contact information for your spouse’s investment advisor or banker. Make copies of your tax returns and all attachments, as well as your spouse’s pay stubs and bank statements.
If you have already begun divorce proceedings and you suspect that your spouse has already hidden assets, gather as much documentation as you can. Consider how your spouse has acted with regard to money and property. Has your spouse ever refused to answer your questions about finances or denied you access to bank accounts? How likely is it that your spouse has an offshore account that you do not know exists?
A Houston property division lawyer can review your financial history as well as your spouse’s and, with the help of investigators and forensic accounts, can help prove that your spouse is hiding assets and attempting to defraud the court. An experienced Houston property division attorney can help with all phases of your divorce and can make sure you receive the portion of your marital property to which you are legally entitled.
