When Texan couples decide to split, there are sure to be difficulties ahead. People may expect contention on matters of child support or custody. They may even anticipate issues with asset division. But most people do not expect their spouse to hide assets.
Unfortunately, hiding assets is a very real problem among divorcing couples. Forbes examines the difficult possibility of a spouse hiding assets. They may do so for many reasons. For example, they may feel cheated out of their share of assets. They may be feeling bitter about giving their spouse anything. To avoid this, they make it seem as though they have less to give than they do.
Spouses can hide assets in many ways. If they own a business, it is possible to fabricate an employee. They pay this “employee” a working salary, but the money actually goes back to them. It is also common for spouses to pay off “old debts” to friends or family members. They intend to retrieve the money after the divorce is over. These individuals hold onto it until then.
Some individuals also hide physical cash. They may stow it away in a vehicle, a personal room or at their place of work. This is because cash is harder to keep track of than checks or credit.
Hiding assets can be a big legal problem. A spouse who lies about their assets can end up facing fines and even time in jail. This is important to note if you believe that your spouse may be hiding assets from you during the divorce.