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Hidden assets in a divorce case

Someone who is filing for divorce in Texas must be aware of the possibility that their spouse may attempt to conceal assets during the process. If the concealment seems especially shady, one might consider paying private investigators to discover what their spouse is up to.

However, there are other, more cost-effective ways to reveal hidden assets in a divorce case. A good place to start is to look at federal income tax returns. A close examination of Schedule B on a federal tax return may expose sources of interest income like brokerage accounts, mutual funds and hidden bank accounts. Schedules D and E can reveal capital gains and income from rental payments.

If hidden property is discovered on tax returns, it is a good idea to follow up on these leads to obtain more information. Real property is a common way to hide assets. If Schedule E reveals that a spouse is receiving income from a rental property, it may be wise to drive by to inspect the property.

An attorney with experience in family law may be able to assist a client who is going through a high-asset separation. Asset valuation is an extremely important part of settling a divorce case since it can affect a determination of alimony and how much property each spouse will be awarded. This importance gives some spouses an incentive to conceal property if they believe they can get away with it. However, an experienced lawyer may be able to uncover hidden assets with a close inspection of important financial documents.

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