Division of assets is one of the most contentious aspects of a divorce. When one of the divorcing spouses hides or intentionally wastes assets, the contentious nature of a divorce is only increased. If you are in a divorce and suspect that your spouse is purposely keeping assets hidden or wasting assets to prevent you from obtaining your share, make sure you secure quality representation to ensure your financial interests are protected.
At The Powell Law Firm, we handle all types of property division and dissolution of marriage matters in the Houston and Pearland, Texas, areas. Our attorneys have more than 70 years of combined legal experience, a tremendous advantage to our clients. With diversified experience, we are able to uncover assets hidden by spouses, and work within the law to prevent intentional waste of marital assets to protect our clients' interests and their futures.
The Art Of Asset Discovery
The purpose of hiding assets is to prevent them from being split equally in a pending divorce. Spouses who engage in hiding assets can be surprisingly creative in their efforts, using a range of contexts and means to hide assets, including:
- Suspect business deals: Business owners can find a number of ways to hide assets. Routing income into hidden accounts, altering the books and paying out "salary" to employees who don't exist are just a few examples.
- Undervaluing property: Some spouses will intentionally obtain estimates that undervalue assets in order to minimize the loss in a divorce.
- Delays in business dealings: In some cases, a spouse will intentionally wait to sign a lucrative contract or accept a promotion so that the added income cannot be deemed marital property.
Spouses Intentionally Wasting Assets
In addition to hiding assets to retain them for themselves through a divorce, many spouses take a more aggressive approach, making sure that if they can't keep assets for themselves, they waste the assets to make sure no one gets them.
Although dissipation of assets is more difficult to discover and prove in court than hidden assets, there are some obvious signs of assets being wasted, including lavish vacations, unexplained withdrawals, gifts to friends and family, excessive gambling losses and related expenditures.
It takes experience, knowledge and creative thinking to uncover hidden assets. Our lawyers will explore every avenue and possibility to make sure we uncover hidden and wasted assets and protect your financial interests.
Contact The Powell Law Firm
Call 281-870-2053 or email us to discuss hidden and wasted assets with an experienced attorney.