One of the most important functions of an Austin divorce attorney is to ensure that his client gets the best possible property settlement under the circumstances. In an ideal world, both spouses would make an honest disclosure of their assets and would agree on how those assets will be divided. Unfortunately, that's just not how things typically play out, especially in fervently contested cases.
When most people think about hiding assets, they think of physical concealment. However, it is not uncommon for a party to an Austin divorce case to undervalue an asset. Certain assets are more susceptible to undervaluation than others, including:
• Collections;
• Artwork;
• Jewelry; and
• Antiques.
It's also possible for one spouse to conceal income. This is most easily done by failing to disclose income that is not reported on tax returns, depositing funds in custodial accounts in the names of the children, depositing funds in the bank account of a girlfriend or boyfriend, or depositing funds in a secret account or an offshore account.
When an Austin divorce attorney or his client suspects that assets are being hidden or undervalued, it may be necessary to hire a forensic accountant, an appraiser, and a private investigator. A forensic accountant will closely review bank statements, credit card statements, receipts, tax returns and other financial documents to discover discrepancies. An appraiser can examine real estate, jewelry, artwork, collections, antiques, and other property to determine its fair market value. A private investigator may be able to locate hidden assets.
An Austin divorce attorney may decide that it's necessary to use formal discovery in an effort to locate hidden assets. Discovery methods authorized under Texas law include:
• Interrogatories (written questions which require the other party to respond in writing);
• Requests for Production of Documents;
• Requests for Admissions;
• Requests for Disclosures; and
• Depositions.
If you suspect that assets are being hidden, you should do some legwork before you file for divorce. Gather as much of the financial documentation as you can gets your hands on and make copies. Keep your copies in a safe place outside of the home so that your spouse cannot gain access to them. By taking these steps you will be prepared and will not be scrambling to find these documents once you file for divorce.
If you have questions about divorce and finding hidden assets, you should contact a qualified Austin family law lawyer as soon as possible.