Your Family Is
Our Focus

YOUR FAMILY IS OUR FOCUS

San Marcos Texas Legal Blog

Common methods spouses use to conceal property

| May 8, 2017 | Blog |

Often, you sense if something is not quite right with your spouse. After living in such close quarters with someone for so long, you may get to know them well enough to recognize when they are hiding something, and if that something is assets, you may be wise to investigate further.

Regrettably, it is common for spouses to conceal assets if they suspect their marriage may be coming to an end so that they end up making out favorably in the long run regarding asset division. Conventional methods your spouse may rely on to conceal assets from you may include the following.

Opening a second bank account

Among the more common tactics spouses often use to hide money from each other is to transfer funds from a shared bank account into a separate, private one. The new account may or may not be at an entirely different bank.

Delaying invoicing or payments from clients

If your husband or wife is also a small business owner, there are steps he or she might take to, for example, try and delay payments on projects until after the divorce finalizes. They can do the same with invoices sent to clients, and this may be more likely if your spouse conducts business with people who are also close friends.

Overpaying the Internal Revenue Service on purpose

If your spouse owes money to the IRS and thinks your divorce will conclude before the following tax season, he or she may request that any refund due that year cover taxes for the coming year. After the divorce goes through, he or she would make out favorably in the year to come by not having to pay as much in taxes.

You probably do not want to believe your partner is hiding assets from you, but you may be remiss not to trust your gut. Speak with an attorney for more about asset division.