When your marriage ends, you have a right to your fair share of any marital property. In Texas, this generally means an equal share.
Unfortunately, your spouse may attempt to hide assets during your divorce. It is important to recognize the warning signs of this behavior.
Understanding marital property
Generally, marital property is anything you or your spouse acquired during your marriage. You and your spouse may also have separate property. Texas law defines separate property as:
- Property you or your spouse owned prior to your marriage
- Property you or your spouse inherited
- Personal injury settlements (but not recovery of lost wages)
All other assets qualify as marital or community property.
Knowing the signs
Keep an eye out for these indications that your spouse may be hiding assets.
If you try to log in to a joint bank account only to find that your password no longer works, your spouse may be concealing something from you.
Large cash withdrawals are a common way to conceal assets. If your grocery bill has suddenly increased, your spouse might be using the cashback option to secretly withdraw funds.
Decreased business revenue
If you own a business, be wary of a sudden or unexplained drop in income. Your spouse could be underreporting the revenue and pocketing the funds.
If your spouse has been giving expensive gifts or cash to friends, this is cause for concern. The recipient may be holding the money or property for your spouse until after the divorce.
Hiding assets during a divorce is illegal. Understanding the signs can help you determine if your spouse is being dishonest.