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/

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