During a divorce in Texas, couples should take steps to make sure their spouse is not hiding assets that should be noted.
A divorce is a time when people do everything they can to protect themselves and their future, which might include hiding assets. Couples in Texas who are going through a divorce and have the sneaking suspicion their spouse might be hiding assets have a few ways to confirm their suspicions. Going about gathering evidence the right way is crucial to a smooth split.
Unwilling to give up control of online passwords and bank account information
One of the best ways to keep something secret is to limit access, and the same is true when it comes to hiding assets during a divorce. If one spouse suddenly denies the other access to bank account information or the passwords to online accounts, it might mean she or he is hiding assets during divorce proceedings.
Owns a P.O. box
While a P.O. box is not automatic grounds for suspicion, it is one place where a spouse can receive bank statements, bills and related financial information he or she might not want to make known to the other spouse. Besides a P.O. box, the spouse might have a private mail drop box.
Buying hobby equipment, antiquities or artwork
It is not unusual for a spouse to buy antiques, artwork or hobby equipment and purposefully underestimate its value during divorce proceedings. This is done to hold onto extra cash rather than have it equally divided during the divorce.
Has unreported income
Businesses that involve cash enterprises are prime opportunities for spouses to purposefully neglect to report pocketed cash on financial statements and tax returns. One potential tip off that this might be the case is when a spouse always seems to be spending more money than he or she reports to make.
Business suddenly starts declining
When a business suddenly starts to tumble, it simply might mean it is not doing so well. Alternatively, there is a chance the business is doing better than ever and a spouse wants to hide the success and the financial windfall that comes with it. A spouse who has a sneaking suspicion might want to seek out legal help to get to the bottom of the mystery.
Repaying debts that do not exist
Another way to hide assets during a divorce is to repay fake debts rather than include that money into the amount to be divided during divorce proceedings. The way it works is that the spouse might claim he or she owes a friend a debt and gives that person money only to ask that she or he hold onto it until after the divorce.
Divorcing couples in Texas should always make sure they go about looking for hidden assets in a way that is legal and safe. To help with this, it is a great idea to consult with a lawyer who is familiar with uncovering hidden assets.