How Can I Find Out My Spouse’s Actual Income?

 Posted on June 30, 2020 in High Asset Divorce

High asset divorces in Texas are complex for many reasons, from community property that is of high-value and difficult to properly appraise to hidden assets. We often think of hidden assets as specific property, both tangible and intangible, that one spouse might try to conceal from the other spouse and from the court. For example, hidden assets often include out-of-state or overseas bank accounts or investments, business holdings, and even real estate. Yet another form that asset hiding can take is when the higher-earning spouse attempts to conceal his or her actual earnings. Income must be reported accurately to the court. If a spouse does hide the full amount of his or her income, Texas law allows the court to award the other spouse a higher amount of the community property. The spouse who hid assets can also face additional penalties.

If you do not know your spouse’s actual income and are preparing for a divorce, it is essential to work with an aggressive high asset divorce lawyer in Texas who can assist you. The following are some of the ways that you and your attorney can determine your spouse’s actual income.

Locate Tax Returns

If you have access to previous tax returns, especially if you filed jointly with your spouse, it is important to get copies of those tax returns as soon as possible. Your jointly filed tax return can allow you to determine your spouse’s reported income for those years. If you are married filing separately and may have access to both of your tax returns, you should make any copies so that you will have this information.

Find Bank Account Statements

Can you login to jointly held accounts, or into your spouse’s online accounts? If you have access to bank account statements and other financial account documents, you should obtain copies of those materials, either by making physical copies or taking screenshots from your computer.

Seek Out Pay Stubs

While most pay stubs are electronic, if you are able to get copies of your spouse’s pay stubs, this information can help to determine your spouse’s income from his or her job. Pay stubs can provide information about previous bonuses from past quarters or years, which can be useful if your spouse has asked an employer to delay a bonus for divorce purposes. It is important to remember, however, that your spouse could also be receiving income through investments.

Work with a Forensic Accountant

When you are uncertain about your spouse’s total income, or if you have concerns that your spouse may be attempting to conceal income to prevent it from being distributed in your divorce, it is essential to work with a forensic accountant. Your divorce lawyer can discuss options for getting a forensic accountant on your team.

Contact a High Asset Divorce Lawyer in Austin, TX

If you have questions or need assistance locating community property or assets in your high net worth divorce, an experienced Austin high asset divorce attorney can assist you. For other matters pertaining to your high asset divorce, an experienced Texas complex child custody attorney or complex litigation attorney can get started on your case. Contact Powers Kerr & Rashidi, PLLC online or call our firm today 512-610-6199.

Source:

https://statutes.capitol.texas.gov/?link=FA