Hidden Assets in Divorce Cases in Texas
ATTORNEYS IN DALLAS
Strategies for legally safeguarding assets in divorce
Hidden Assets in Divorce Cases
In Texas, any property acquired during a marriage is considered community property and belongs to both spouses unless proven otherwise, regardless of the individual who acquired it. Cases involving high net worth individuals or significant differences in earnings between spouses may lead to one spouse hiding or diverting assets to avoid dividing them. In some cases, one spouse may not be aware of the full extent of assets accumulated during the marriage, making it easier for the other spouse to conceal them.
Signs of Hidden Assets in Divorces
There are several indicators that your spouse may be attempting to conceal assets during a divorce. For instance, your spouse may hire one or more financial advisors before or after filing for divorce. While this may be a regular practice, it is essential to scrutinize the services provided and transactions undertaken by the financial planners to determine if any marital property was transferred. Additionally, if your spouse owns a business, it would be wise to request documentation of all business assets, payroll, bank, and tax records to assess if the business is being used to distribute assets. An unexpected rise in business expenditures may suggest an effort to mask income as expenses. Your spouse may also sell or transfer assets to relatives or friends to regain them after the divorce is finalized. Lastly, your spouse may move assets to offshore accounts as they are harder to track and may not be easily accessible through the discovery process.
Uncovering Hidden Assets During Divorce Cases
If you suspect that your spouse is concealing assets during your divorce proceedings or when you're planning to file for divorce, it's crucial to collect as much evidence as possible. The discovery process plays a crucial role in this, enabling your lawyer to gain information about any assets accumulated during the marriage and assess whether your spouse is attempting to hide any property. Your attorney can use interrogatories, requests for production of documents, and requests for admissions to obtain information about your spouse's bank accounts, tax returns, retirement accounts, and any overseas accounts. If your case is complicated, a forensic accountant may be hired to investigate whether your spouse is hiding assets and to verify the validity of any transfers or transactions. It's essential that your attorney acts promptly to ensure that discovery requests are answered completely and that no assets are left undisclosed.
Another vital tool in determining whether all assets have been accounted for is the inventory and appraisal of all marital assets and debts. In Texas, your spouse will be required to prepare and file an inventory and appraisal and swear under oath as to its accuracy. Comparing all financial documentation and records received from your spouse with the inventory and appraisal can be helpful in verifying that all marital property has been disclosed.
Uncovering Hidden Assets After Divorce
In Texas, if assets that were concealed during a divorce are uncovered after the divorce has been finalized, the Texas Family Code provides a unique post-divorce remedy in the form of a suit to divide undivided property. To file this type of suit, the assets in question must have existed while the divorce was ongoing. In determining whether to divide assets after a divorce is final, a court will consider whether the spouse intentionally and fraudulently hid assets, or if it was an innocent mistake. If the property was not disclosed through discovery or the inventory and appraisal, it is likely that it was intentionally hidden. Additionally, it's crucial that the divorce decree contained language allowing for the division of undisclosed assets. Your lawyer should request the court to prohibit any language that automatically awards assets in a party's name to that party, as this would prevent you from pursuing a suit to recover hidden assets that surface after the divorce is final.
- Divorce and Winning the Marital Residence
- Dividing Stocks & Bonds in Texas Divorce
- Divorce During Pregnancy
- Divorce for the Professional Athlete
- Divorce for Business Partners
- Domestic Violence and Texas Divorce
- Egregious Conduct and Equitable Distribution
- Evidence in Fault Divorces
- Evidence in High Net Worth Divorce Clients
- Expert Witness Testimony in Divorces
- Financial Disclosures in Divorce
- Fraudulent Transfers of Property
- Hidden Assets by Spouse in Divorce
- High Net Worth and Client Defense
- Informal Marriage in Texas Divorce
- Insurance Plans in Texas Divorce
- Intellectual Property in Divorce
- International Divorce and Legal Rights
- Interspousal Gifts and Divorce
- Jointly Titled Personal Property
- Just And Right Property Division
- Marital Assets
- Marital Debts After Divorce
- Military Divorce in Texas
- Mixed Property in Property Disputes
- Modification of Spousal Support in Texas
- Modifying Marital Property Agreements
- Motions in Divorce Proceedings
- Oil And Mineral Rights in Divorce
- Partition or Exchange Agreements
- Divorce and the Mediation Process
- Process of Filing for Divorce in Texas
- Property Division and Distribution
- Property Division and Appeals
- Property Settlements in Divorce
- Proving Marital Property Agreements
- Rehabilitative Spousal Maintenance
- Same Sex Divorce
- Separate and Community Property
- Separation Agreements
- Social Media Use in Divorce
- Social Security Benefits in Divorce
- Spousal Maintenance in Texas
- Spousal Support Violations in Texas
- Tax Planning in Divorce
- Termination of Spousal Maintenance
- Timing of Divorce in Texas
- Trust Assets in Texas Divorces
- Trusts In Divorce
- Uncontested Divorce in Texas
- Undisclosed Assets after Divorce
- Voiding a Marriage in Texas
Best Texas Divorce Lawyers
Our Dallas Divorce Attorneys Serve Clients Throughout Texas
In order to best prepare yourself during the divorce process, it is vital that you have a
qualified divorce attorney by your side. Our divorce law firm is dedicated to providing knowledgeable, professional, and effective legal counsel for all types of
family and
divorce matters. When you work with our experienced Dallas family law attorneys, you can trust that we will have your best interests in mind.
Speak with an Experienced Divorce Attorney
You have the right to receive a just and equitable portion of the property and assets accumulated during the duration of your marriage. The attorneys at Wilson Whitaker Rynell have considerable experience handling divorce cases that involve intricate financial matters and can work to uncover the hidden assets that you have a right to. Our firm represents clients in divorce cases in various Texas cities, including Dallas, Austin, Houston, Fort Worth, and all cities within Dallas County, Tarrant County, Collin County, and Denton County.
CLIENT MATTERS
5,000+
YEARS OF SERVICE
25+
Award Winning
Recognized in the legal industry as dedicated board-certified lawyers and Rising Stars.
Expert Team
Your project will be handled by legal experts every time. You will have the most experienced attorneys working for you.
Quality Representation
