How Can I Find My Spouse’s Hidden Assets?

 Posted on July 10, 2023 in Divorce

Michigan is an equitable distribution state, meaning that marital assets are divided based on equitable principles. The legal process depends on spouses to make full and fair disclosure of their assets. Some spouses may try to hide assets to keep them for all for themselves after the divorce. A divorce attorney can help you locate hidden assets during the divorce process.

You Can Obtain Financial Information from Your Spouse

In any divorce, contested or uncontested, the two spouses will exchange information about their assets with each other. This can include statements from bank and investment accounts. Each spouse must make full disclosure of their own finances to the other. The settlement that you reach will be based on the disclosures that both of you make. There are serious consequences if one spouse tries to hide assets. Nevertheless, many people try it, thinking that they can get away with it.

Contested Divorces Go Through Discovery

If your case is going through the courts, you will have the right to request financial information under the auspices of the court. Your attorney can make broad-based requests for information with which the other spouse must comply. There are penalties from the court for failing to comply with discovery. If the other spouse is not cooperating, the judge can compel them to produce certain documents. If you believe that the disclosure was incomplete, you can hire a forensic expert to track down what you believe are hidden accounts. Your attorney, or an expert, can find additional information by following the money trail.

Penalties for Hiding Assets

Even if your divorce did not rely on a formal discovery process, you may be able to file a lawsuit for fraud if you discover that your spouse hid assets during the divorce. If there was formal discovery, judges may respond harshly when they learn of hidden assets. It could even lead to them awarding you a greater percentage of marital assets. The other spouse could be ordered to pay the costs that you incurred in locating their hidden assets. There are definite risks to trying to hide assets. 

Contact an Oakland County Divorce Attorney Today

When there are any assets involved in your divorce, you need an attorney to help you get the best possible outcome. The Novi divorce lawyers at Elkouri Heath, PLC help clients in high net worth divorce cases. You can schedule a free consultation by calling us today at 248-344-9700. We can answer your questions about the divorce process. 

Source:

http://www.legislature.mi.gov/(S(pvawvkgp5tdwigtrk4h1htvm))/mileg.aspx?page=getObject&objectName=mcl-552-401