Even if you’ve decided to settle the terms of your divorce with regard to division of property, you should still consider the possibility the assets listed may not be all of the assets at stake.
Don’t fall prey to this myth…
My spouse will be honest about our assets.
When one spouse knows they will be filing for divorce, they often begin hiding away assets in accounts of their own. They do this far in advance of filing for divorce during a time when you would not expect them to be taking such covert actions.
One mistake to avoid during a divorce is to assume that your spouse has accurately reported all the assets they control. In order to find the other assets, you will need to do some sleuthing. You should also keep in mind that they have likely set up a decoy account to make you feel like you have “found the treasure” when the larger nest egg is really hidden somewhere else. Here are four tips for finding hidden assets:
Look for clues in tax returns. Are there accounts or assets accounted for that you are not aware of? Look for clues in bank and investment accounts. Are there regular transfers in small amounts? Where did they go? What ATM withdrawals were made and what were they spent on? Look for clues in paychecks. Is there any deferred income earned during the marriage that will be paid after the divorce? Have any payments been made in cash that could have been hidden away? Look for clues in business accounts. Do expenses and payments match up? Are payments being made to legitimate vendors?
In order to determine if we can help you find hidden assets, we need to meet with you for a consultation to talk about your situation.
To schedule a consultation, call us today at (713) 974-1151 or visit me on the web at busby-lee.com
ABOUT THE AUTHOR
Michael Busby Jr. is a Divorce, Family Law, & Houston Divorce Lawyer, who practices in Harris County Texas and the counties that surround Harris County, Texas. He has been in practice for over 14 years and has tried over 300 cases. He is familiar with the policy and procedures of the Harris County Texas Divorce Courts. Our office is open until 8:30 p.m. on Wednesdays and Saturday from 9 a.m. to 1 p.m. for working folks.
Michael Busby Jr.
2909 Hillcroft Suite 350
Houston, Texas 77057
Visit me on the web at www.busby-lee.com