If you are contemplating divorce, you likely have a million things on your mind, but you should not have to worry about losing your fair share of marital wealth. After all, Texas law requires spouses to divide marital assets based upon what is just and right.
Unfortunately, divorcing spouses are not always honest about marital property. If you suspect your spouse of hiding assets, you likely want to add a forensic accountant to your divorce team. Furthermore, you may want to watch for evidence that your spouse is not being honest about marital property. While there are many places an unscrupulous spouse may try to hide marital wealth in the leadup to a divorce, here are three common ones:
1. Business investments
Your partner may have his or her own business. If the company is a separate property, your spouse may attempt to transfer marital wealth into the operation. If you do not catch the deception, it may diminish the amount you receive as part of your divorce settlement.
If your husband or wife has friends or family members who appear to need financial help, gifting cash is a way to hide assets. That is, your partner may offer temporary assistance to a buddy and then accept repayment after your divorce concludes. If he or she uses marital funds, hiding assets may be the motive.
3. Fake debts
Your spouse may suddenly have an outstanding debt that he or she has to pay. If your partner has decided to bamboozle you, the debt may simply be a transfer of funds that return to him or her after the divorce concludes.
A dishonest spouse can attempt to hide assets in a variety of ways before or during divorce proceedings. While the above list is not exhaustive, it should give you some idea of how marital assets may suddenly disappear.