Divorce is a very personal process, and there are many things couples need to discuss and agree upon during this time.
The level of discussion and agreement needed increases when there is property or children involved or when a couple is unable to divide things amicably. Divorce proceedings can sometimes take months, if not a year or more, to come to full agreement on both sides and, ultimately, completion.
A divorce can become exceedingly more complicated when one or both parties do not cooperate or are unfair to each other. One of these complications is when a spouse tries to hide assets from being calculated.
Divorce and Assets
During a divorce, one of the main points of disagreement is in regards to the dividing of assets. Assets, to almost oversimplify the term, are simply things that a person owns that are worth money.
These things can be something like a piece of land or a home, a vehicle such as an automobile or even a bicycle, furniture, technology, bonds, investments, airline miles, or just cold, hard cash. When it comes to calculating a person’s assets, debts are also taken into consideration. The idea during a divorce is that a total amount of worth needs to be calculated so it can then be divided fairly.
Dividing Assets In Texas
Most states, including the state of Texas, are community property states. This means that “all property and debt acquired during the marriage is owned by both parties. This means the initial starting point in the division is 50/50.”
If one or both parties of the divorce are hiding assets, then figuring out the total amount to be divided becomes an issue. This is a mindset and, ultimately, a scheme some spouses try to justify because they are angry with or feel betrayed by the other person. They do not think it’s fair that half of the marital assets will be awarded to the other person, regardless of what the law says.
How Assets Are Hidden
There are a few common ways spouses can try and hide assets during a divorce:
Divorce is already a complicated and difficult situation without adding something like your spouse hiding assets. In any divorce case, hiring a divorce lawyer to support the process is critical. They will be a guide and a mentor during this time in your life to ensure you get what you are entitled to at the end of a divorce.
Dedicated & Compassionate Family Law Attorneys
At Setzer Law Firm, we’re here to help families in Colleyville, Texas, no matter what family law matter you’re dealing with. Our team of attorneys is standing by to give you clear guidance and expert legal support every step of the way.
With over thirty years of combined, Texas-specific experience, we have represented clients dealing with divorce, child custody, child support, and other areas of family law. We know that divorce is a difficult situation and that this is a difficult time for all members affected, so you can trust we will help you navigate this part of your life as stress-free as possible.
Please contact us today or fill out our online form to receive more information and learn how Setzer Law Firm can support you and your family during this time.