Taking Legal Challenges Head-On

Hidden assets in a divorce

On Behalf of | Oct 21, 2020 | Uncategorized

When dividing assets in a Texas divorce, each party is supposed to honestly disclose all of their property so that it can be distributed equitably. In most cases, people are honest and live up to that stipulation. However, that’s not always the case; occasionally, one party in a divorce will attempt to hide assets.

What you should do if your spouse is hiding assets

If you think that your spouse is hiding assets, it’s important that you let your attorney and anyone else on your team know. It’s becoming more common for people to hire certified divorce financial analysts, or CDFAs, particularly in unequal divorces where one party has more money and power than the other.

Experienced family law attorneys and CDFAs may know how to look for hidden assets. They might look at documents related to mortgages, for example, and recent tax returns. A divorce attorney may be able to subpoena records that are normally confidential, including employment contracts.

What happens to people who hide assets?

When a spouse attempts to hide assets and is caught, they can be subjected to a number of penalties. Essentially, they’ve been lying under oath, and judges do not look kindly on that. The exact punishments will depend on state law and on the presiding judge. It is never a good idea to lie during a legal proceeding.

Though it can be tempting to shuffle assets in a divorce, this action can have serious repercussions. The best way to handle a divorce is with honesty and competent representation. An experienced divorce attorney may advocate for their client’s interests and recommend experts like CDFAs and psychologists to help present their client’s case.