With the New Year come new decisions. And for some Texas spouses, this means deciding to end their marriage. While this is not an easy choice, a difficult year or years can spark the decision to finally call it quits now that the holidays have passed. For wealthy couples, one of their biggest concerns can be divvying up their property and assets. But this process can be especially problematic if spouses are not fully aware of everything that needs to be divided.
How can you tell if your ex is hiding assets during divorce? Amidst all the emotions and disputes that often follow a divorce filing, spouses can lose sight of some important aspects, like what belongs to them and what is marital property and up for distribution. But do spouses really have a clear picture of their financial situation?
According to a current study, roughly 31 percent of spouses with combined finances have been deceptive with their spouse regarding money. This study found that 58 percent hid cash from their spouse, 54 percent hide minor purchases from their spouse and 34 percent have lied about finances, debt and money they earned. If this occurs this often during a marriage, then financial deception is likely more prevalent for those going through a divorce.
Here are some red flags that your spouse has hidden assets, as well as places to look. A joint tax return is the best place to start. With a complete copy, a spouse will able to gain a full picture. However, if a dummy tax return was filled out, it might be difficult to know what was actually filed. Thus, it is important to question its validity with your local tax office.
Other place to look include statements for all financial accounts, loan documents, business and personal transactions, PayPal accounts and whether there is cash hidden at the home. Looking in these places could help provide a clear financial picture, helping a divorcing spouse protect his or her rights during dissolution.
If you are going through a high asset divorce, it is important to understand your rights. If you suspect that assets have been hidden from you during marriage or in anticipation of divorce, it might be helpful to gain guidance and assistance. This will ensure you leave the marriage with what is rightfully yours.
Source: Divorcemag.com, “Hidden Assets During Divorce: Red Flags That Your Spouse Is Hiding Money,” Donna M. Cheswick, Dec. 19, 2017