Discovering Hidden Assets in Your Parker County Divorce

 Posted on September 12, 2022 in Divorce

Finances are inevitably a huge factor in a divorce case. Each party's income, assets, and debts influence the division of property, child support, and if ordered, spousal support. Both spouses are expected to be transparent about their finances. Unfortunately, some spouses attempt to hide assets in order to keep more for themselves after the divorce.

Finding Undisclosed Money and Property During Divorce

Undisclosed assets and false financial information can heavily influence the division of assets during divorce. If one spouse is caught hiding money or property, the other may be entitled to a greater share of the marital assets.

There are many ways that a spouse may try to hide assets. They might:

• Keep cash hidden in a safe place

• Have separate bank accounts that the other spouse does not know about

• Own property in another person's name

• Transfer assets to family or friends to hold onto during the divorce

• Underreport income on tax returns

• Fail to report gifts or bonuses received from their employer

If you suspect that your spouse is hiding assets, there are a few things you can do. First, look through financial records carefully. This includes bank statements, tax returns, and any paperwork related to investments or property ownership. If you can't find certain records, ask your spouse directly where they are.

Your attorney may need to use discovery tools during your divorce case to find truthful financial information. This might include sending a subpoena to your spouse's employer or financial institution, utilizing depositions or interrogatories, or sending official requests for production of documents to your spouse. In some cases, it may be necessary to hire a forensic accountant to go through your spouse's records in detail. A forensic accountant is trained to find hidden assets and can be a valuable asset during your divorce.

If you believe that your spouse has hidden assets, it is important to speak to an experienced family law attorney. An attorney can help you gather evidence of the hidden assets and make sure that you get a fair share of the marital property in your divorce.

Contact a Palo Pinto Divorce Lawyer

Parker County divorce attorney Kary L. Key knows how important accurate financial information is in a divorce. She has the legal skills and experience needed to fully investigate a spouse's finances and look for clues of financial deception.

You deserve a divorce outcome based on authentic, factual financial information. Call The Law Offices of Kary L. Key at 817-599-6969 for an initial consultation.

Source: 

https://guides.sll.texas.gov/community-property/property-division-in-divorce