If you suspect that your spouse is hiding assets, they may face penalties from the court. That is because the law requires full disclosure of assets. During the discovery phase, however, you and your Collin County divorce attorney to help you uncover any hidden assets.
How Does One Hide Assets?
Your spouse may use several avenues to conceal their true value. For example, if they own another home or have other property, they may try to release their name from ownership of their property to one of their family members or even a friend. They may also withdraw money in their personal savings account and place the funds under another person’s name.
These are some of the red flags that your spouse may be hiding assets:
- He or she is secretive about the finances
- They have control over all of the bank accounts, including passwords and security codes
- He or she has a private mailbox, such as P.O. Box, to receive bills or account statements
- He or she has business account expenses that you do not handle
- Opens multiple bank accounts without reason
Another occurrence we have come across is when a spouse tries to diminish his or her actual income and earning potential. This makes it appear as though he or she is earning less. There are many issues concerning the moral implications and integrity of such acts. With that being said, if it is discovered that your spouse is hiding assets, they could be subject to numerous sanctions, including criminal penalties and fines. You may also ask the courts to enforce an order to disclose those balances. If your spouse ignores the court order, he or she can even face time in jail.
For assistance with your divorce, Coker, Robb & Cannon, Family Lawyers can help! We are seasoned divorce attorneys, who have walked clients through every step of the divorce process—from discovery to the final stages.
We are here to assist you. Discuss your case during a consultation.