How to Find Hidden Assets in Offshore Accounts During a Texas Divorce

 Posted on April 11, 2023 in High Asset Divorce

Texas divorces can be challenging at the best of times, but things become exceptionally tricky when high-net-worth couples are involved. One of the main issues in such high-asset divorces is the discovery of hidden assets.

Hidden assets are funds and properties that one spouse may try to conceal from the other spouse, their attorneys, or the court, in order to avoid losing them during property division.

Often, spouses may transfer these funds and assets to offshore accounts, to hide them from their partner during a divorce. However, an experienced and resourceful Austin high-asset divorce attorney can help find these assets and ensure that their client receives a fair settlement.

Here are several ways to find money and assets hidden in offshore accounts during a Texas divorce, and how a high-asset divorce attorney can help:

Attorney Experience and Network

Hiring an experienced high-asset divorce attorney is the first step in finding hidden assets. These professionals have extensive experience in dealing with complex financial matters of divorce, and often a network of finance professionals, forensic accountants, and international professionals who can help uncover hidden assets.

Thorough Investigation

Your attorney will conduct a thorough investigation to determine if any assets have been hidden. They will review financial statements, tax returns, bank statements, and other documents to identify any discrepancies or inconsistencies in your spouse’s finances.

Identify Transfers of Funds & Assets

If your spouse has transferred funds and assets to an offshore account, an attorney can trace the transfer to determine the source and destination of the funds or properties. This can be incredibly helpful to get a comprehensive accounting of marital property, which is subject to division during a divorce in Texas.

Seek the Help of Forensic Accountants

Forensic accountants are professionals who can help identify hidden assets by analyzing financial records, tracking transfers of funds, and identifying discrepancies. They can do this better than regular accountants, who may not have knowledge or experience in forensic accounting.

Use Discovery Tools

Your Austin high-asset divorce attorney can help you use discovery tools like subpoenas and depositions, to obtain information about offshore accounts and transactions. They can also secure temporary restraining orders (TROs)1 to keep your spouse from depleting accounts or encumbering property before final judgment or settlement.

Work With International Professionals

When funds or assets are hidden in the offshore accounts of other countries, they are out of state and federal jurisdiction. This can make it difficult and sometimes impossible to acquire information or control of these accounts.

However, an Austin high-asset divorce attorney who has knowledge and experience in international law, and a network of international attorneys, accountants, and other professionals, can help you navigate the offshore and legal complexities of locating and recovering these assets.

Contact an Austin, TX High-Net Worth Divorce Attorney

If you are divorcing and your spouse has offshore accounts, we can help you ensure that your divorce outcome is fair and based on accurate, complete financial information. Contact Powers Kerr & Rashidi, PLLC at 512-610-6199 to schedule a confidential consultation with a seasoned Travis County high-asset divorce attorney and make sure you get your fair share of the marital estate.

Source:

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