Two Things Certain in Life: Divorce and Taxes?

In a 2007 study published in Forbes.com, 56 percent of women and 36 percent of men whose wealth was at least $1 million said that they had hidden or protected assets.

2012-01-11

HOUSTON, TX, January 11, 2012 (Press-News.org) In a 2007 study published in Forbes.com, 56 percent of women and 36 percent of men whose wealth was at least $1 million said that they had hidden or protected assets. Those that made over $10 million were the most likely to have hidden assets.

Many people admitted to using wealth preservation strategies, where they hid assets from creditors and spouses through offshore accounts and asset protection trusts. Others use other trusts, holdings, charitable foundations, family-limited partnerships, and equity reduction plans (ERPs). Still others may hide assets through their business partners or family members and in expensive artwork or office furniture. They may even collude with their employer/business partners to delay bonuses/raises until after the divorce.

How can you uncover hidden assets during a Houston divorce?
First, hire a divorce lawyer who is experienced in high-asset divorce and uncovering hidden assets. You and your attorney may need to work with asset searchers around the world and gain access to your spouse's electronic data. Often, evidence of the hidden assets can be found on computers, PDAs, smart phones and other electronic devices.

Second, make copies of all of the financial documents available to you. Try to find and copy bank account statements, pay stubs, tax returns and similar documents. Give these to your attorney, who will use them to help uncover the hidden assets and present your financial situation to the court.

Remember: your spouse is required, by law, to fully disclose all financial resources. Failure to do so can put your spouse in a difficult bargaining position during the divorce as well as set your spouse up for legal ramifications. In other words, it doesn't pay to hide assets.

Website: http://www.k-hpc.com

Source: Forbes.com, "Uncovering Hidden Assets," Marlene M. Browne, Nov. 1, 2007. Posted on: http://www.k-hpc.com/blog/

ELSE PRESS RELEASES FROM THIS DATE:

High rates of disability and health care use for older americans with cirrhosis

2012-01-11

New research shows that older Americans with cirrhosis have significantly worse health status and greater functional disability compared to those without this potentially deadly disease. In fact, findings now published in Hepatology, a peer-reviewed journal of the American Association for the Study of Liver Diseases, show that elderly patients with cirrhosis require twice the amount of informal caregiving and contribute added strain on the health care system. Given the increase in obesity and aging of those with hepatitis C (HCV), researchers expect the prevalence of cirrhosis ...

Is Your Spouse Hiding Assets in Your Divorce?

2012-01-11

Whether you are considering filing for divorce, in the midst of a divorce, or newly single, it is time to start thinking about how your Texas divorce will affect taxes. The following are some of the important factors to consider when filing taxes in 2012: Tax filing status: Your filing status for the entire year is based on your marital status on December 31, 2011. For example, if you were divorced on December 30, 2011, you will be considered "single" (or, depending on your situation, "head of household") for 2011 tax purposes. You may not file a ...

New fibrosis classification improves accuracy of diagnosis in hepatitis C

2012-01-11

A new classification for diagnosing fibrosis in patients with chronic hepatitis C virus (HCV) has shown to be as accurate as currently used algorithms, but required no further liver biopsy. The study appearing in the January issue of Hepatology, a journal published by Wiley-Blackwell on behalf of the American Association for the Study of Liver Diseases, details a method that synchronously combines two fibrosis tests, providing a non-invasive and more precise fibrosis diagnosis. HCV affects up to 170,000 million individuals worldwide and is a leading cause of chronic ...

UGA study offers hope for hemlock attack

2012-01-11

Athens, Ga. – Thousands of broken trees line the banks of the Chattooga River. The dead gray stabs were once evergreen monsters offering shade to trout and picturesque views to visitors. These Eastern hemlocks are dying rapidly, and University of Georgia researchers are working to save them. One tiny insect, the hemlock woolly adelgid, is to blame. The Asian insect first appeared in the eastern U.S. in Richmond, Va., in the 1950s. In 2003, it crossed the river from South Carolina and started feeding on Georgia trees. The tiny pests suck up cells from the tree's needles, ...

Reese Witherspoon Learns Pedestrian Laws After Hit While Jogging

2012-01-11

Movie actress Reese Witherspoon suffered minor injuries after she was struck by a vehicle during her afternoon run in Santa Monica. The Oscar-winning actress was hit while crossing an intersection. The driver, an 84 year old woman, was issued a citation for failure to yield to a pedestrian in a crosswalk. The actress received minor injuries and after a brief visit to the hospital is recovering in her home. Although Ms. Witherspoon was jogging in an unmarked crosswalk, the driver is still liable for the injuries caused. Such laws are not unusual and are found here in ...

Lower risk of death linked with access to key attributes of primary care, UC Davis study shows

2012-01-11

(SACRAMENTO, Calif.) —Greater access to features of high-quality primary care -- comprehensiveness, patient-centeredness and extended office hours -- is associated with lower mortality, according to a new national UC Davis study. Published in the January-February issue of the Annals of Family Medicine, the research is the first to link the availability of three specific attributes of primary care with reduced risk of death. "There are a number of studies that found lower mortality risk in geographic areas with relatively high concentrations of primary-care physicians, ...

Gut microbe networks differ from norm in obese people, systems biology approach reveals

2012-01-11

For the first time, researchers have analyzed the multitude of microorganisms residing in the human gut as a complex, integrated biological system, rather than a set of separate species. Their approach has revealed patterns that correspond with excess body weight. The collection of microbes inside the human gut is a bustling network of genetic interplays and energy use. By constructing models of these microbial communities, scientists have discovered novel differences between obese and lean people. They were able to detect organizational shifts away from a normal ...

LTCCS Data Reveals Common Causes of Large Truck Accidents

2012-01-11

The most recent Large Truck Crash Causation Study (LTCCS) Analysis released by the Federal Motor Carrier Safety Administration (FMCSA) reveals statistical data that can be used in determining the critical safety issues affecting the transportation industry and information about how to address those issues to make America's roadways safer. The study -- commissioned by the FCMSA and the National Highway Safety Traffic Administration (NHTSA) -- is part of the government's commitment to making highways safer as outlined in the 1999 Motor Carrier Safety Improvement Act. The ...

Toward Energy Independence? Not Without Bumps in the Road

2012-01-11

The Business of Mining for Natural Gas According to some reports, the United States is now the world's largest producer of natural gas - and natural gas is a resource that former oil tycoon T. Boone Pickens from Amarillo, Texas, has been pushing for years. Pickens is an advocate of natural gas legislation. His goal is to get America free of foreign oil by way of converting diesel-burning 18-wheelers to natural gas. If achieved, this would be a significant step toward energy independence. And what is playing a very large role in helping Pickens achieve his goal? It's ...

New Foreclosure Laws in Florida May Restrict Access to Courts

2012-01-11

The global recession has had an impact on every one of us. While the economy is showing small signs of improvement, problems still remain. When the economy collapsed, it hit the housing market especially hard. Florida was one of the states that saw foreclosure rates skyrocket. Homeowners statewide were hit with mortgage payments that they could not afford, and home values dropped substantially. The foreclosure process in Florida provided some protection to those who were struggling to make ends meet. Banks and lenders had to follow specific requirements before a foreclosure ...

LAST 30 PRESS RELEASES:

Scientists can tell healthy and cancerous cells apart by how they move

Male athletes need higher BMI to define overweight or obesity

How thoughts influence what the eyes see

Unlocking the genetic basis of adaptive evolution: study reveals complex chromosomal rearrangements in a stick insect

Research Spotlight: Using artificial intelligence to reveal the neural dynamics of human conversation

Could opioid laws help curb domestic violence? New USF research says yes

NPS Applied Math Professor Wei Kang named 2025 SIAM Fellow

Scientists identify agent of transformation in protein blobs that morph from liquid to solid

Throwing a ‘spanner in the works’ of our cells’ machinery could help fight cancer, fatty liver disease… and hair loss

Research identifies key enzyme target to fight deadly brain cancers

New study unveils volcanic history and clues to ancient life on Mars

Monell Center study identifies GLP-1 therapies as a possible treatment for rare genetic disorder Bardet-Biedl syndrome

Scientists probe the mystery of Titan’s missing deltas

Q&A: What makes an ‘accidental dictator’ in the workplace?

Lehigh University water scientist Arup K. SenGupta honored with ASCE Freese Award and Lecture

Study highlights gaps in firearm suicide prevention among women

People with medical debt five times more likely to not receive mental health care treatment

Hydronidone for the treatment of liver fibrosis associated with chronic hepatitis B

Rise in claim denial rates for cancer-related advanced genetic testing

Legalizing youth-friendly cannabis edibles and extracts and adolescent cannabis use

Medical debt and forgone mental health care due to cost among adults

Colder temperatures increase gastroenteritis risk in Rohingya refugee camps

Acyclovir-induced nephrotoxicity: Protective potential of N-acetylcysteine

Inhibition of cyclooxygenase-2 upregulates the nuclear factor erythroid 2-related factor 2 signaling pathway to mitigate hepatocyte ferroptosis in chronic liver injury