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Warning signs for hidden assets during a divorce

On Behalf of | Aug 30, 2019 | Divorce |

Texas couples who were once brought together over a deep romantic connection may find that their relationship turns sour over the years, leading to bitterness and even hatred. In some cases, this can manifest in bitter fights during a divorce. Spouses may battle over their wealth and assets, with each party making a case for why he or she deserves more. These battles may be especially pronounced for couples who have accumulated a significant amount of wealth over time. Unfortunately, a drawn-out process can deplete the wealth held by both parties. However, some spouses may resort to unethical methods in an attempt to claim a greater share of property in the divorce.

There may be a higher risk of one party hiding assets if a couple has a significant disparity in wealth. The higher-earning partner may be far more likely to manage all aspects of a couple’s finances. During the divorce, the other partner may be tempted to rely on their spouse for information about family assets, investments and accounts. They may not know where to look for assets that may be missing and unreported. However, there are certain warning signs that could indicate that one spouse is attempting to keep property out of the divorce.

A sudden interest in Bitcoin or other cryptocurrency may mean that a spouse is investing far more than claimed. Because these accounts are often anonymous or sparsely regulated, it can be far more difficult to track the amounts. Others may overpay the IRS or other creditors, hoping to ask for a refund of their excess payments after the divorce has been finalized.

Some people may have good reason to be concerned about the other party hiding significant assets in a divorce. A family law attorney can work to provide strong representation and achieve a fair property division settlement.