Is My Spouse Hiding Assets?
Finding assets your spouse may have hidden requires an expert eye and attention to details.
Divorce can bring out the very worst in people. Combine this with the fact that some people will go to great lengths to hold on to as much money as possible and you have a recipe for some truly unfortunate behavior. Yes, sometimes people will work very hard to hide assets because of an impending divorce. A spouse’s assets and income is used to calculate child support and alimony. Without uncovering hidden assets, the calculation will be inaccurate and the spouse with hidden assets will have succeeded in minimizing child support and alimony obligations.
Although it can be difficult, it is possible to uncover hidden assets. The first things to do is to review tax returns, preferably tax returns form the past three years. You will also want to review W-2s, 1099s, etc. Compare the tax returns with financial statements. If you have any suspicions arising from discrepancies in these financial documents, a lawyer can subpoena things like loan applications from lenders. Additionally, interrogatories may be issued which will require the spouse to answer questions, including those relating to finances, under oath.
If your spouse has hidden assets in an off-shore account, it can be even more difficult to uncover. It is common to employ a forensic accountant in these types of cases. A forensic accountant will go through financial records with a fine tooth comb and look for any little mistake or slip-up that could lead to revealing an off-shore account. Additionally, forensic accountants have connections and resources at their disposal due to their profession. They can also provide expert testimony at the divorce trial.
One way to protect yourself if you think your spouse may be hiding assets in places such as offshore accounts is to ask them about this kind of thing in interrogatories. This will have them answer financial questions under oath. Your spouse may have also been subject to requests for production of documents and testified under oath at a deposition. If it is later discovered that your spouse has concealed assets or income, his or her credibility with the court will be irreparably damaged. He or she may also be held for contempt of court and may also face prosecution for perjury. Additionally, after all that work to hide money, your spouse could inevitably be ordered to pay a larger portion of the unearthed assets to you in addition to paying for your attorney’s fees and forensic accounting fees.
Divorce can be made exponentially more difficult when dealing with a dishonest spouse. Hiding assets is a big deal and it can be complicated to get at the truth. At the Law Office of Kyle Whitaker, our Fort Worth divorce lawyers have the legal savvy you need when dealing with a spouse who may be hiding assets. We use the full force of our resources to uncover what your spouse may be hiding. Contact us by calling (817) 332-7703 or contact us online for a confidential consultation. We have more than 20 years of experience and are not a one-size-fits-all law firm, we build one-of-a-kind legal strategies for one-of-a-kind cases.