Divorce Lawyers Arlington, TX
Quite often divorce brings about the worst in people. One of the ways that people express their “worse” side is through some type of financial deception. Many people believe that the money they have is their money if they were the primary “breadwinner” during the marriage. This belief no matter how wrong, may cause someone to hide assets, which are subject to division, in an effort to keep the asset from being divided. Below are a few ways people hide assets and what to look for in case you are going through or may go through a divorce:
- Separate bank account – One of the easiest ways to move money is to create a separate bank account in one name only. Transfer the monies to the account and sit on it.
- Friends – Transfer assets to a friend to hold until the divorce is finalized. This method requires a friend to cooperate in the arrangement who will hold on to the assets until such a time as required to return it back to you. The thought is that, the obligation to report the assets is no longer required because the asset is no longer marital.
- Change payment options – Cash is harder to trace than direct deposit as there is no paper trail. One-way people hide assets is they change the way they get paid. For instance, instead of accepting checks or deposits they request cash-based payments. Others utilize different payment methods such as Venmo or Paypal accounts.
- Debit Cards – Have you seen the cash back option when you go to the store and use your debit card? A simple “yes” to the cash back option will allow a person to slowly build up a decent amount of cash without anyone being the wiser.
- Delay commissions – In some jobs, people get paid commissions. One can simply ask the employer to delay payment of the commission until after the divorce is finalized.
- Create fake expenses or fake invoices – Business owners going through a divorce may be able to create fake invoices (lower price than what is charged and paid) and even fake expenses. Expenses impact the value of the business and the more expenses the less profit.
- Spend it – No explanation needed. The other party spends all of the money on different items just because they want to.
- Lie – What money?
The above are just a few ways that people try to hide assets. This does not mean that they can get away with the act though. All is not lost when it comes to hidden assets. Divorce lawyers Arlington, TX offers at Brandy Austin Law Firm have the ability to issue subpoenas for things such as bank records and people. Depositions can illicit information from witnesses and even the spouse with regards to the assets. The discovery process can request documents and additional information from the other party.