Whether you are dividing property yourselves as part of a collaborative divorce or expect the court to allocate assets during a contested divorce, you need to have an accurate picture of your joint assets to reach a fair division of property. Are there assets you or your spouse may have forgotten? And what if your spouse is trying to hide assets? 

Knowledgeable McKinney divorce lawyers can use several strategies to locate hidden property so that it can be included as part of the marital estate. Read on to learn more.

McKinney Divorce Lawyers Look for More Than Just Money

Your spouse could be hiding funds in an off-shore bank account, but the opportunities to hide assets are much wider than you might realize. In addition to different types of monetary and investment accounts, McKinney divorce lawyers might look for artwork or other valuables purchased with cash that is part of the marital property. For instance, your spouse might have invested thousands in collectibles with a value that might not be readily apparent. Or valuables might be kept in a nondescript box in the attic or at your spouse’s office. 

Your spouse might have given money or property to someone to hold off the record. Or your soon-to-be-ex could pretend to repay loans that never existed, with the intent to reclaim the funds after the divorce goes through. 

Opportunities to Hide Assets Increase When You Own a Business

McKinney divorce lawyers often see the situation become especially complex when one spouse operates a business. Sometimes a spouse will fudge the record-keeping to show fake losses or pay nonexistent employees and later cancel the payments. In many business situations, a spouse could conduct under-the-table cash transactions that stay off the record.   

Strategies McKinney Divorce Lawyers Use to Locate Hidden Assets

Experienced McKinney divorce lawyers can use numerous strategies to uncover hidden income or other assets. During the discovery process, your attorney can take advantage of tools such as interrogatories and depositions to gain information about credit card spending, bank accounts, and other financial matters. A careful review of tax returns and supporting documentation can lead to information about asset sales and foreign and domestic income sources. 

Divorce lawyers in McKinney might also seek a court order for an asset search authorization from one spouse. It is helpful to engage a forensic accountant to analyze spending patterns and locate discrepancies in many cases. 

Let Your McKinney Divorce Lawyers Know if You Suspect Your Spouse Could Be Hiding Assets

Spouses who build a life together deserve a fair share of assets that are part of their marriage. If you think your financial picture has a few holes in it, whether due to deliberate deceit or just disorganization, be sure to let your McKinney divorce lawyers know to be on the lookout for potential hidden assets. To talk to one of the dedicated legal counselors at Nordhaus and Nordhaus, PC., call us at 214-726-1450 or contact us online.