Most people today invest in complex financial portfolios, such as stock options, vacation properties, retirement plans, and recurring deposits. It remains difficult but extremely important to track all your spouse’s financial assets, especially when going through a divorce. While filing a divorce in Texas, you need to stay alert to any financial deception by your ex to get a fair settlement. Here are six simple ways to uncover any of your spouse’s hidden assets.
Payments to Relatives or Friends
People are known to try and hide large amounts of money during divorce in Texas and other states, by making fake payments towards supposed products or services purchased from close relatives and friends especially to escape or reduce the amount of divorce alimony. Such amounts are usually reimbursed after the divorce is finalized. Check your spouse’s personal and business transactions, if possible, to know their financial status or accurate revenue.
Hidden Sources of Income
People sometimes invest in enterprises from which they receive cash directly in the form of a salary, which isn’t displayed in their financial statements. Your spouse may have such sources of unreported income, which you ought to discover. However, the probability of hidden or unreported income aren’t that obvious.
Made-Up or Ex-Employees
Your spouse may funnel money out of the business by writing salary checks to made-up or ex-employees, only to nullify the checks later after the divorce is finalized. An audit session of the company’s payroll account can reveal such underhand tactics.
Purchase of Lavish Items
Your spouse may buy lavish and expensive items, such as artwork, furniture, hobby equipment, and antiques to hide money only to resell it later. The purchases are usually made for office items that qualify for essential requirements, such as office desks and paintings. Such purchases are sent directly to the office and not kept around the house.
Opening Custodial Saving Accounts
Your spouse may set up a custodial savings account in the name of your children using their social security numbers to stash cash. It’s illegal to transfer the ownership of assets to kids during a divorce in Texas, as it violates multiple laws. If your spouse tries to pull the money from the custodial savings account after the divorce is finalized, it amounts to stealing.
Large Financial or Stock Transfers
Your spouse can easily make large financial or stock transfers to their relatives, business partners, friends, or even fake companies to hide financial instruments or assets. The stock or money is then transferred back to your ex-spouse once the divorce is finalized. Large stock or financial transfers are a good indicator that something tricky is going on.
Get Expert Help
If you think that your ex-spouse’s financial situation is fraught with inconsistencies and red flags, notify your family court lawyers so they can take immediate measures to investigate the goings on. If you need expert guidance in resolving your divorce case, 123 Divorce Company is here for you. We have a team of experienced family law attorneys who are ready to provide legal assistance for divorces cases in Dallas, Texas. Fill out our contact form or call us at 214-599-9979.