For those who are of considerable wealth, the process of dissolving a marriage can be stressful and intimidating. With a great deal on the line in a high asset divorce in Michigan, a person may wish to pursue the most favorable outcome possible during proceedings, but certain factors might affect this goal. Before entering the process, one might find it beneficial to uncover any potential hidden assets.
Unfortunately, it may not be uncommon for a person to attempt hiding certain assets from his or her spouse. Whether these are stored in separate accounts, or are physical belongings or large sums of cash that are simply not declared in the process, if the other spouse is unaware of their existence, they may not be included during property division. Failing to uncover hidden assets might prove detrimental, as their presence could have a significant impact on the outcome of a divorce.
Some potential goals of those who hide assets could range anywhere from wishing to portray less wealth, to even wanting others to believe their debts and/or expenses are inflated. There may be some common places to look for such assets, as well as certain behavioral patterns that might suggest a spouse is hiding assets. Being overly secretive about finances, or even deleting or keeping financial records from the other spouse could be indicators of such behavior.
With the potential gravity of the outcome, those who are facing a similar situation may wish to have all assets accounted for before entering negotiations. However, it can be difficult to locate hidden assets at times, and seeking assistance in the process could be advisable. By speaking with a family law attorney in Michigan, a client might be able to obtain advice on how to uncover hidden assets, as well as guidance on other crucial aspects of a high asset divorce.
Source: goodmenproject.com, "Signs That Your Spouse is Hiding Assets", Sinta Ebersohn, Accessed on July 25, 2017