How Discovery in a High Asset Divorce Can Prevent One Spouse from Hiding Assets

 Posted on April 23,2020 in Complex Property Litigation

When a wealthy couple is getting divorced in Texas, each of the parties may have concerns about having assets properly classified and appraised, and one or both parties might have worries about the other spouse attempting to hide valuable assets so that they are not divided in the divorce. As you may know, under Texas law, nearly all assets acquired by either spouse after the date of marriage are considered to be “community property,” and they will be distributed between the parties in the divorce. There are many different methods for preventing a spouse from hiding assets in a divorce, and for revealing hidden assets when one of the spouses has attempted to conceal those assets.

One way that an aggressive Texas high asset divorce attorney can help is by using the process of discovery to prevent assets from being hidden or can help to uncover assets. We want to tell you more about discovery, and how some of the tools of the discovery process can help you in your high net worth divorce.

What Is Discovery in Texas?

The Texas Rules of Civil Procedure govern most matters pertaining to discovery. To be clear, discovery is a procedure in all types of lawsuits, including civil lawsuits for divorce, through which both sides can obtain information from the other side. Discovery is a process that has a wide variety of tools or mechanisms through which the other side can get evidence. Sometimes those mechanisms involve one side asking the other for specific information about a question, and sometimes the discovery process involves requesting materials or documents from the other side.

Throughout the discovery process in a divorce, a high asset divorce attorney can work to obtain information about community property that may have been hidden by one of the spouses.

Discovery Tools in a High Net Worth Divorce

What are some of the tools that your lawyer can use in the discovery process to obtain information about hidden assets? We want to provide you with more information about each of them:

• Sworn Inventory and Appraisement: This is a form that is used in Texas divorces, and it requires both spouses to make a full list of all assets, both community property and separate property. Each party then clarifies whether she or he believes that asset to be community property or separate property, and what she or he believes the asset to be valued at. This document can provide a basis for tactics during the discovery process.
• Request for Admissions: This is a discovery tool through which one party can specifically ask the other party to admit or deny a statement.
• Request for Production: This is a discovery mechanism through which you can ask the other side to produce documents or other relevant materials. In a high asset divorce case, you might ask for bank statements, sales records, and other materials pertaining to specific assets.
• Interrogatories: Interrogatories allow you to ask the other side questions, and the other party must answer. You can use interrogatories to ask questions on the record about particular assets, and where those assets are located.

Contact an Austin High Net Worth Divorce Lawyer

Do you need assistance with your high net worth divorce and locating hidden assets? An experienced Austin high asset divorce attorney can help. An Austin complex child custody attorney or complex litigation attorney at our firm can assist with other issues in your divorce. Contact Powers Kerr & Rashidi, PLLC online or call our firm at 512-610-6199.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.6.htm