Handling Undivided Property After Divorce

 Posted on September 26,2018 in Complex Property Litigation

In Texas, assets acquired during a marriage are subject to equitable division upon divorce. Whether a couple is able to reach a divorce settlement on their own in an out-of-court setting, or a court orders property division after the parties’ litigate the issue, a divorce will only be officially granted when an arrangement has been reached. In most divorce cases, all property-related issues are resolved by the time the court issues a divorce decree. However, it is also not uncommon for one party to discover, after a divorce has already been finalized, that his or her former spouse was hiding assets in an effort to retain sole possession. Concealing assets during divorce is unlawful, so parties who determine that they were unfairly denied an equitable portion of a specific asset can ask the court to step in and distribute the previously undivided property. This can be a difficult endeavor, so if you recently discovered that your former spouse was hiding assets during your divorce proceedings, it is critical to contact an experienced high asset divorce attorney who can help you collect your rightful share of your marital property.

Dividing Assets

During divorce proceedings, courts require couples to provide evidence of all of their different assets, including titles, deeds, bank statements, and receipts for collectibles like artwork or antiques. Providing this documentation helps give courts a good idea of each party’s financial holdings, which in turn, enables them to fairly and justly divide those assets between the parties. Obviously, a fair distribution of marital assets isn’t possible if one of the parties, or the court, is unaware that certain property exists. For this reason, when a party later learns that a former spouse was concealing assets, courts allow them to file a new lawsuit requesting distribution of the remaining undivided property.

Proving the Existence of Hidden Assets

Before courts are willing to reopen a case and issue a new property settlement, the filing party will need to be able to locate and prove the existence of the hidden assets. In high asset divorce cases, this often requires forensic tracing, in-depth investigations, and a thorough review of the facts of the divorce case.

One of the best ways to prove that a former spouse’s property was not accounted for during the property settlement process, is to submit a copy of the sworn inventories provided at the time of divorce. These documents list all of a party’s assets and are testified to and signed under oath. Proving that newly discovered property was not included on the list can provide grounds for filing a lawsuit requesting division of the hidden asset. Evaluating a former divorce decree and reviewing the discovery completed during a divorce case can also play a crucial role in determining whether a spouse actively relocated or concealed an asset during divorce proceedings.

Call Our Office Today

At Powers Kerr & Rashidi, PLLC, our dedicated Leander high asset divorce attorneys have a thorough understanding of property rights in Texas and so are well-equipped to help clients who have been wrongly denied a fair property settlement. You can learn more from a member of our legal team by contacting us today.

Sources:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.3.htm

https://www.forbes.com/sites/jefflanders/2012/11/14/what-are-the-consequences-of-hiding-assets-during-divorce/#3a913f38190c