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Beware of hidden assets during property division

On Behalf of | Dec 7, 2021 | Property Division |

If you’re going through divorce, then one of your concerns is probably how you’re going to get by financially once your marriage is dissolved. This is an understandable worry. After all, many Michigan residents who get divorced find themselves going from two salaries in the household to just one, which can cause a lot of financial strain.

While the property division process should help ensure that you get your fair share of the marital estate and thus some semblance of stability, the sad reality is that the process is oftentimes fraught with deception.

Why spouses hide assets

In far too many cases, a spouse hides marital assets. This can be done in a variety of ways, from stashing cash away to tucking funds into an unknown bank account and even retitling property in the names of family members and friends. All of these efforts are aimed at removing those assets from the property division process so that that spouse who hid them can keep them to him or herself. This is entirely unfair.

What you can do about hidden assets

Before sitting down to negotiate your property division settlement, you need to make sure that you carefully analyze your marital finances. You might want to look for big withdrawals or expenses that have no explanation, and you’ll also want to look at other red flags such as your spouse’s lifestyle and any new claims that a family-owned business is struggling. If you suspect that something strange is going on, then you might want to speak with a legal professional and/or a forensic accountant.

Know how to position yourself for success

We know that the divorce process is emotionally charged, and the property division process can be highly contentious. But you shouldn’t let your desire to finalize your divorce as quickly as possible push you into an agreement that is unfair and unfavorable. That’s why it might be wise for you to discuss the unique circumstances of your case with an attorney who is ready to fight for what you deserve.