In high-asset divorces, it is not unusual for one party to assume that the other is hiding assets, transferring assets or wasting assets. If you have these concerns, speak with a lawyer to learn about your options.
At The Webb Family Law Firm, P.C., we have experience locating and identifying hidden assets. We will discuss your situation with you so you can decide whether pursuing an investigation is worthwhile. In some cases, people must determine whether the cost of the investigation is worth the potential value of the hidden assets, especially if there is no proof that they exist. A good divorce attorney will help you consider this matter before moving forward.
Discovering Hidden Assets In Texas, Nationwide And Offshore
To locate hidden assets, we work with forensic accountants and private investigators, many of whom are former law enforcement and IRS officers. They will analyze financial statements, tax returns, banking records, credit cards, loans and investments. By tracking the person's spending and comparing it to these records, we can determine discrepancies between earnings, spending and identified assets. We may issue temporary financial restraining orders to prevent the transfer or wasting of assets.
Hidden financial assets may include cash, unreported income, stocks, bonds, mutual funds, bearer bonds, and insurance or annuities. The most common means of hiding assets is to transfer them to third parties or hide them with false documents. People who own businesses may use the corporate entity to hide assets.
Additional methods of hiding assets include:
- Placing large sums in trusts
- Gifting money to friends or family with the understanding that they will return it later
- Opening custodial accounts using a child's Social Security number
- Transferring assets into pensions and retirement accounts
- Conversion of cash into personal property such as art, jewelry, antiques or vehicles
- Paying down actual or phony debts
Once we locate hidden assets, we will determine whether they are separate or marital property and then value them.
Contact Us Today
To schedule an appointment, please call our Dallas office at 972-863-0279 or contact us online.