Many prospective spouses don't expect to get divorced. It's not uncommon for them to try and keep what they believe is theirs when they divorce, though. They often hide assets despite it being unlawful for them to do so.
There are certain places spouses should look if they suspect their soon-to-be-exes may be hiding assets.
How often do spouses hide assets?
A National Endowment for Financial Education (NEFE) indicates that two out of every three married couples they polled admitted to hiding assets from each other. At least 90% of American Academy of Matrimonial Lawyers (AAML) members polled as part of another study noted that they were aware of their clients' use of a smartphone app to track their husband or wife's financial infidelity.
While it's not possible to know exact figures concerning financial infidelity, these facts alone indicate that it's pretty common.
Where should you look for your spouse's potential hidden assets?
There are several places to begin your search:
- You may also want to look for their name in any county tax records to see if they own real estate.
- Tax returns can also be pretty revealing. You may discover real estate, investment portfolios, and other assets they have and how much income they make off of them.
- You may want to check your spouse's employer's website if you suspect that they have a retirement account or pension. Many employers list benefit that they offer their employees there. You may discover how much they've saved up if you can find emails or statements for that account.
- Another place that you should look at is the Texas Secretary of State's website. You should do a name search to see what businesses your spouse owns that you may not yet know about.
If all else fails, you may want to consider hiring a private detective or a forensic accountant to look even deeper.
What to do with the information that you uncover
While it's ideal if you're in the know about your household's finances all along, many spouses aren't. The most proactive measure that you can take if you're not is to consult with a family law attorney in Dallas who can guide you on what financial records to look for as you attempt to build your Texas divorce case.
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