Protecting yourself against the hiding of assets

If you and your spouse are looking to divorce, your first thought is probably to pick up the phone to dial an experienced attorney. However, what if your soon-to-be former spouse tells you that you don’t need to involve lawyers and that the two of you can handle matters on your own?

Interestingly, experts advise spouses in this position to proceed cautiously. The reason? Often times, husbands or wives will seek to handle a divorce as quickly as possible and with minimal involvement from third parties if they are hiding assets.

Why would a spouse typically want to hide assets? Simply put, they are likely seeking to avoid paying more child support and/or spousal maintenance.

Fortunately, experts indicate that there are a few basic warning signs that while not comprehensive may nevertheless help alert a spouse to the potential hiding of assets.

Some of these warning signs include:

  • If your spouse is self-employed, handles the family and/or is adamantly opposed to retaining attorneys
  • If the income reported by your spouse doesn’t seem to match up with the type of lifestyle they are living
  • If your spouse owns his or her own business, and has multiple tax entities that seem redundant
  • If your spouse owns his or her own business, and some of the expenses associated with this business appear suspect

Experts indicate that uneasy spouses faced with these situations would likely benefit from sharing their concerns with a qualified divorce attorney. Here, the attorney can outline some options — i.e., hiring a forensic accountant — along with their respective pros and cons. Above all else, experts say, this step can help grant much-needed peace of mind.

Stay tuned for more from our Ft. Worth family law blog …

To learn more about dissolution of marriage, property division or other divorce-related issues, contact an experienced and skilled legal professional.

This post is for informational purposes only and is not to be construed as legal or financial advice.

Source:

The Huffington Post, “Signs that your soon-to-be-ex may be a secret cash stasher,” Susan Pease Gadoua, May 16, 2012