Texas couples go through a lot of financial stress during divorce. The higher your assets are, the more you have to worry about. The process of dividing your assets is often complex and time-consuming. It requires legal assistance to work through.
You run into even more problems when a spouse is not forthcoming about their assets. But asset-hiding is a bigger issue than you may expect.
Follow the paper trail
The Women’s Institute for Financial Education discusses how to spot a spouse hiding assets. There are a few signs that can give it away, but in some cases, you may need to hire a forensic accountant. They can trace your ex-partner’s papers back and see if things line up as they should.
Pay attention to mismatched records
In the meantime, you can look for some telltale signs. For example, your spouse may have reluctance to show their financial records. You may need to get a court order to get them to show these. You might also notice that your spouse’s apparent income does not match up to the amount they spend. Make sure not to get caught up looking for big ticket purchases. Experts say people hiding assets mostly invest them in smaller purchases. They often do not spend the excess money at all.
Hiding assets during divorce is actually an act of perjury. In other words, your spouse can face large fines and jail time if convicted. The judge will also likely demand that they pay you what they owe, too. There is no winning when someone tries to hide assets. It causes you both stress and undue costs.