Mark Childress, PC

Divorce, Child Custody & Family Law

Get Started With A


Main Menu

Creative Solutions

For Your Family Law Needs.

Subscribe to this blog's feed

Hiding financial information in a high-asset divorce

There are a lot of misconceptions about divorces involving wealthy couples in Texas and other states. One of the most common myths is the belief that only men hide assets to prevent their ex-spouses from getting their fair share. While hiding assets is a problem that happens in many divorces, it's not just men who do it. As the balance of earning power shifts in American households, more and more wive are trying to prevent their money from being distributed evenly.

According to the Bureau of Labor Statistics, female spouses earn more than their husbands in one out of three heterosexual marriages. Within this group of marriages, women have control of the family finances in a vast majority of cases. They pay bills, monitor credit and make investment decisions. Due to the perception of gender, however, wives are rarely suspected of hiding assets.

Whether it's the man or woman who controls the finances in a marriage on the verge of divorce, a spouse may be able to detect the hiding of assets by paying attention to a few signs. They should look out for disappearing financial statements, unusual account activity and unexpected interest in art, antiques or unusual assets like BitCoin.

In a high-asset divorce, it's crucial for both parties to get representation from a lawyer. An attorney representing a financially dependent or lower-income spouse has the responsibility of getting a fair distribution of assets for their client. This could mean they will need to find out if the other spouse is hiding assets in undisclosed accounts, currencies or other valuables. Legal counsel could also argue for a fair division of finances during mediation or in court.

No Comments

Leave a comment
Comment Information