Could Your Spouse Be Hiding Assets

Sometimes, in a divorce, a spouse will take steps to hide assets so that they can keep them after the divorce is finalized. Spouses who suspect their soon-to-be ex is taking these measures should be sure to speak with an attorney. 

The division of assets and debts is a critical issue that must be dealt with in any divorce. In some divorces, couples can negotiate agreements to divide their property. In others, they need the court's help to do so and, as such, file a contested divorce. Unfortunately, sometimes in either of these circumstances, one spouse attempts to hide assets. By hiding assets, they can't logistically be subject to Texas property division laws or the court's ruling. Hiding assets is particularly common in high asset divorces. Suppose you think your spouse might be trying to do so. In that case, you need the representation of an experienced and aggressive Sugar Land property division lawyer as soon as possible. 

Ways Spouses Hide Assets

There are many different ways that spouses can hide assets, depending on the types of assets the couple owns and how aware of them the other spouse is. Here are some of the most common:

• Opening or maintaining a separate account and transferring money from a shared bank account to an account with only their name.

• Transferring assets to friends or family – one spouse may conspire with close friends and family by transferring money and assets to them. When the divorce is legally finalized, these individuals will transfer the money and assets back to the spouse it came from.

• Buying expensive items such as artwork, antiques, and collectibles, underreporting their actual value, and reselling it after the divorce to recoup the money.

• Storing money in a safe deposit box – A spouse may use a safety deposit box, hiding it within the family home or somewhere else such as their office.

• Opening a custodial bank account – A spouse could open a custodial account with one of their children's names and transfer funds into that account.

• Overpaying taxes – This step can benefit an asset-hiding spouse in two ways. It can result in a refund that will be received after the divorce is finalized or credited towards the taxes they owe the following year. It's also less money that is available for property division. 
  
  

When you hire a Sugar Land property division attorney, you have someone on your side who can help you take the appropriate steps if you find or suspect that your spouse is attempting to hide assets. 

Signs Your Spouse Could Be Hiding Assets in Your Divorce

Watch for the following signs that your spouse might be hiding assets, and be sure to discuss them with your Sugar Land property division lawyer:

• Maintaining complete control of bank account information and passwords

• Being secretive about finances

• Having a private post office box

• Deleting computer programs

• Suddenly complaining about the poor state of your family's finances

• Showing lifestyle and income discrepancies

• Sudden account activity changes

• Overseas travel

• Giving gifts or money to family members or friends
  
  

Do You Suspect Your Spouse is Hiding Assets? Contact a Skilled Sugar Land Property Division Lawyer

At Jaime Jordan, PLLC, we are well-versed in the ways in which spouses hide assets and how to combat this illegal and unethical behavior. All you have to do is reach out for help. Schedule your legal consultation today by calling (832) 463-4933 or contact us online.