Texas is a community property state, which means that any property which a couple acquires throughout their marriage is automatically subject to division in the event of a divorce. However, diving marital and separate assets can be a complex process which requires professional assistance. It is common for one spouse to attempt to hide assets from the other spouse to avoid making these items subject to division.
The following are a several ways you can tell if your spouse is hiding assets from you:
- Change in financial statements. Financial statements can possess clues which prove that assets have been misrepresented. If these documents suddenly stopped arriving by mail or e-mail, it could be because your spouse does not want you to see specific activity. Furthermore, your spouse may try to underreport income or assets on documents, so they are left out of the divorce agreement.
- Expense increases. Expenses to random things, such as owing debt to family and friends, can suddenly arise. This could be a sign that your spouse could be stashing money until after the divorce ends. In addition, if your spouse is spending a lot of money on expensive items or even trips, then they could be attempting to keep funds away from the divorce agreement.
- Uncollected income. Some people may try to leave money “on the table” until after the divorce is over. For example, if a spouse is eligible for a bonus, he or she could wait to collect it once the divorce is finalized.
- Hiding money. While some people hide money in a lock box or safe, others create new bank accounts and transfer funds into it.
If you suspect that your spouse is hiding assets from you, it is imperative to obtain experienced legal assistance from a qualified divorce lawyer. Contact Phillip M. Herr, Attorney at Law and schedule an appointment with our Flower Mound divorce lawyer today.