Divorce situations have diverse concerns. People in marriages with limited resources may struggle to establish two financially independent households. Conversely, those in high-asset marriages may find that they have their own unique set of risks.
With more assets to argue over, spouses may be more likely to battle over their property. It’s also possible that one spouse will try to take advantage of the divorce as a way to punish their ex. Hiding assets is one way that someone in a high-asset marriage might try to limit what their spouse receives in the property settlement.
If you believe that is possible that your spouse will hide assets from you in the divorce, there are a few steps that you can take to make it harder to do.
Get copies of important financial records
Income and tax documents can help you better understand your household financial circumstances. Especially if your spouse is typically the one who pays your bills and files your taxes, you need accurate information about your household assets and obligations.
Some people will hide or even alter financial records for their own benefit, so getting copies of paperwork early in the process or before you tell your spouse you want to file can make it easier for you to get accurate copies of those important records.
Do your own inventory of household assets
One of the biggest mistakes that spouses in high-asset and high-income marriages make is the decision to blindly trust that their ex will honestly report income and household assets.
Just like your ex might try to hide how much they earn, it’s also possible that they might try to keep you from laying claim to community property that belongs to both of you under state law. Anything that you acquired during your marriage or purchased with income earned during the marriage could be subject to division in the divorce.
Creating a thorough inventory of everything from your vehicles, financial accounts and furniture to your ex’s collectibles and jewelry will help ensure that you locate all property of value, even if it’s something you didn’t purchase and don’t necessarily want to keep. Knowing the value of physical possessions allows you to ask for your share of their worth in the divorce.
High-asset divorces in Texas come with their own complications, and those worried about the outcome of their divorce proceedings will typically benefit from professional support during this difficult process.
