All divorces have challenges. Depending on many factors, divorcing Michigan couples may have to address diverse issues ranging from the care of their children to the division of their money and assets. Most individuals can work through their divorce negotiations with respect and integrity in themselves and each other. Unfortunately, some divorces are plagued by dishonesty and misrepresentation.
In some high asset divorces, hidden assets are in issue that individuals must address. This post will discuss hidden assets and what can be done to discover them during divorce proceedings. When dealing with a high asset divorce, it is important that an individual works with an attorney who understands the unique factors that can complicate high value divorces. This post does not provide legal advice on any divorce related topic.
What are hidden assets?
Hidden assets are items of property, whether tangible or intangible, that an individual conceals from their spouse. A hidden asset maybe an investment account that was created with marital money but that the owner did not share with their partner. It may also be real property purchased with shared assets but that was never disclosed to the buyer’s spouse.
Some individuals attempt to hide assets from their soon-to-be ex-partners in order to preserve their own wealth. However, these deceptive practices are wrongful as all marital assets must be disclosed during the divorce process.
Finding hidden assets during divorce proceedings
There are different tools that individuals and their attorneys can use to locate assets and discover hidden items. Discovery is a way for a person to ask questions and request documents about the property their spouse owns. Similarly, forensic accounting allows for investigations to uncover the wealth and assets of a couple so that high asset divorce proceedings are fair.
All divorces have complications, but high asset divorces can be marred by hidden assets. Not all attorneys are prepared to deal with these and other high asset divorce matters. Finding the right attorney for one’s divorce can make the process smoother for them and their future.