When high net worth couples in Michigan decide to file for a divorce, one spouse may go to great lengths to conceal some assets. This is often done because one spouse feels specific assets belong to him or her, and should not form part of the property distribution process. In some cases, secret financial activities, bank accounts and investments were concealed throughout the marriage. In any divorce, both spouses have the right to a fair settlement.
A spouse who suspects this may be happening to them, may want to learn where to look for hidden assets. Statements of checking and savings accounts along with canceled checks might reveal hidden investment properties or dividend-producing investments. Studying the tax returns of at least five years may show income inconsistencies, real estate holdings, partnerships and trusts. Furthermore, records about loan or mortgage applications are kept at the courthouse, including a list of assets and their values, and the tax assessor of the county will have records of properties and their assessed values.
A spouse may have co-conspirators when it comes to hiding assets. An employer might be convinced to retain earned bonuses until after the finalization of the divorce, and the same can be done with pay raises, retirement benefits or stock options. A friend might agree to hold money disguised as a phony loan to be returned later, or a secret lover might have received funds towards rental, gifts or vacations. Finding hidden Bitcoin accounts could be particularly challenging.
Fortunately, divorce attorneys who have extensive experience in dealing with property distribution in high net worth divorces typically have all the necessary resources to uncover hidden assets. Any divorcing spouse in Michigan who suspects that all assets were not disclosed voluntarily can ask legal counsel about the available options. Along with legal steps that can be taken, a thorough investigation might reveal all.
Source: liveabout.com, “7 Ways To Find Hidden Assets During Divorce“, Cathy Meyer, Accessed on May 16, 2018