Is Hiding Assets Considered Dissipation?
During the process of property division, all assets must be brought to the negotiating table to ensure that both parties are working with the same information. However, when one spouse intentionally conceals assets, it can lead to an unfair distribution of property. If you have reason to believe that your spouse is hiding marital property, consider reaching out to a Collin County, TX divorce attorney for help.
Under Texas law, intentionally hiding assets is a form of dissipation. At Moore Family Law, P.C., we have the skills and resources to help you take legal action to protect your property rights. Attorney Philip Moore has been recognized by Best Lawyers and his work has been published in the South Dakota Law Journal, so you can trust that your case will be handled by a knowledgeable attorney.
What Is Dissipation?
In the context of a divorce, dissipation generally refers to intentionally wasting or misusing marital assets, depriving the other spouse of valuable property. Dissipation can take different forms, some subtle, some overt, such as:
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Spending money on an affair partner (such as gifts or dates)
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Destroying marital property
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Gambling away shared funds
When a spouse hides jointly-owned assets with the intention of keeping them for him or herself, it could be considered dissipation. Since Texas is a community property state, any assets acquired during the marriage could be considered marital property, including wages and other sources of income like investments.
How Can I Uncover Hidden Assets in My Divorce?
It can be difficult to prove that your spouse is deliberately hiding assets on your own. Many assets are uncovered through the discovery process, where you and your spouse can ask questions and get information about each other’s finances during the divorce. However, if your spouse is not honest about his or her assets, this approach may not prove effective.
In some cases, it may be necessary to involve an outside expert to uncover proof of hidden assets. At Moore Family Law, P.C., we work with forensic accountants who can help investigate acts of dissipation, aiding you in your effort to recover lost marital property.
What Remedies Are Available for Hidden Assets?
If you can prove that your spouse intentionally hid property that you were entitled to, the courts can potentially provide you with a remedy for your losses. Texas allows spouses to seek compensation when "fraud on the community" occurs (Texas Family Code Sec. 7.009), and in these cases, the judge has the discretion to decide how to make things just and right.
After figuring out how much was lost to fraud, the judge can compel the spouse at fault to pay the other spouse for his or her losses. Alternatively, the wronged spouse could be awarded with an appropriate share of the marital estate, either instead of or in addition to a monetary award.
Contact a Frisco, TX Asset Division Attorney
If your spouse has concealed property in your divorce, Moore Family Law, P.C. can help you pursue legal recourse. To schedule an initial consultation with our Collin County, TX divorce lawyer today, call our offices at 214-764-8033.