Both spouses should be forthcoming with their financial details when dividing property during a divorce. However, it’s not given that your spouse will be honest. They may fail to disclose some assets, intentionally or not, since they do not want to lose them when dividing the marital estate.
Hiding assets during a divorce is not only against the law but also denies you a fair share of what you deserve from the divorce. If you notice something amiss, you ought to protect your financial interests.
How assets are hidden
Failure to disclose assets is just one of the many ways of hiding assets during property division. You should be wary of the other ways assets can be hidden. Some of the red flags include:
- Irregular payments or cash flow in the months preceding the divorce
- Property transfers to family or friends
- Under-reporting income earned
- Undervaluing assets
- A change in the address where financial information is sent
- Changes in passwords to accounts or investments held by your spouse, among others
All these can point to something underhanded, and you should act fast before it’s too late.
What should you do?
If you discover any financial anomalies by your soon-to-be-ex regarding the divorce, it is crucial to bring them to the court’s attention. However, before sounding the siren, it is important to have evidence of your claims, such as bank records or financial statements.
There are many ways of uncovering hidden assets, but it is wise to get professional help throughout the process so you can best protect your interests – and your future.
from Texas Bar Today https://ift.tt/WUG4Y62
via Abogado Aly Website
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