How to Uncover Hidden Assets During Your Divorce

 Posted on March 12,2021 in Divorce

When you get divorced, you and your spouse will need to divide your property and assets. During the property division process, you will need to identify all of your assets, determine their value, and reach a fair and equitable agreement for how these assets should be distributed between the two of you. Unfortunately, this process can become more difficult if one party tries to unfairly influence the results by hiding or concealing assets. If you suspect that your spouse has hidden assets from you, you will want to understand how you can uncover this activity and the steps you can take to ensure that your property is divided fairly and equitably.

Methods of Hiding Assets

There are a variety of ways that spouses may attempt to conceal assets that they do not want to divide with their spouse, including:

• Concealing financial records related to investments or bank accounts.

• Purchasing expensive items such as artwork, jewelry, or collectibles and misreporting the value of these items.

• Transferring money to a friend or relative, including by claiming they are paying back debts they owe.

• Hiding assets in a family-owned business, such as by paying income to a nonexistent employee, devaluing assets owned by the business, or overpaying taxes with the intent of receiving a refund after the divorce is complete.

Legal Options for Addressing Hidden Assets

If you are concerned about the possibility that your spouse has concealed money or property, you can work with your attorney to uncover information about your marital assets during the discovery process. Methods such as interrogatories, requests to produce documents, or subpoenas may be used to obtain financial documents such as tax returns, bank account statements, and business records. You may also want to work with a forensic accountant to review these records, identify any improper actions by your spouse, and ensure that all of your marital assets are valued and divided properly.

Failure to fully disclose assets during the divorce process is a form of fraud, and a spouse who does so can face a variety of consequences. If your spouse is found to have concealed assets, the court may award you up to 100 percent of the assets that were hidden, or you may receive a larger share of other marital property. Your spouse may also be required to pay for your attorney’s fees and any other expenses involved in discovering and addressing this issue.

Contact Our Novi, MI Asset Division Lawyers

You deserve to receive a fair share of the property you and your spouse have acquired during your marriage. If your spouse has attempted to unfairly influence the property division process, the lawyers of Elkouri Heath, PLC can advise you of your options, help you uncover assets that were hidden, and make sure this matter is addressed properly in court. Contact our Farmington Hills property division attorneys today at 248-344-9700 to set up a free consultation and learn more about how we can help with your divorce case.

Source:

https://www.courtlistener.com/opinion/2185412/sands-v-sands/?order_by=dateFiled+desc