Perhaps one of the greatest concerns you may have as you prepare for your divorce is whether you will be able to survive financially on your own. Even couples who have been married only a few years quickly come to depend on each other’s salaries, and those who have been together for decades may have an especially difficult time learning to manage on one income.
This is why a fair equitable division of marital assets is so important. By receiving a fair share of your joint assets and debts, you have a better chance of making a smooth transition into your new life with fewer struggles. However, a fair division of assets will not be possible if your spouse is hiding assets from you.
Have you noticed something strange?
It is not always easy to know if your spouse is not being honest with his or her financial disclosure. However, hiding assets from property division is fairly common. Your spouse may feel as nervous as you are about the future and is putting something back to guard against potential struggles. On the other hand, some spouses hide money and valuables during divorce just to keep their spouses from getting it. If your spouse has control of any money or assets, you would be wise to be alert for the following:
- More frequent deductions from your joint accounts
- Sudden, unexplained closure of accounts or investment funds
- Bank statements that no longer come in the mail
- Passwords that no longer allow access to online accounts
- Overpayment of creditors or tax bills
- The purchase of antiques, art or other valuables
- Your spouse’s new interest in cryptocurrency
- Your spouse’s new business, which may be a dummy company to hold money during the divorce
- Loans to friends or family members
- Missing income, such as bonuses, overtime pay, commissions, royalties or other benefits your spouse should have received
You and your spouse will provide financial disclosures during your divorce process. If you suspect your spouse is being dishonest, you would be wise to discuss this with your attorney. Hiding assets during divorce is illegal, and your spouse may be subject to harsh penalties. Additionally, your future depends on receiving a full and fair share of the assets you deserve. Your Texas attorney will have the resources to investigate any suspicions you may have that your spouse is hiding marital assets from you.