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Spotlighting the scourge of asset concealment in divorce

On Behalf of | Jan 26, 2021 | High-Asset Divorce |

About 83% of American couples reportedly endorse the view – and understandably so, of course – that financial honesty with their spouse or significant other is a good idea.

Yet approximately one-third of thousands of respondents in a recent survey on relationships also admit to being less than forthcoming with their partners about money matters.

Is that a disconnect or what?

The central takeaway from a revealing study into relational candor authored by the research group OnePoll is this: Nearly 4 in 10 surveyed individuals confess to “hiding a secret stash of money” from their partners.

That might of course prove problematic at any point during a relationship. Understandably, it can emerge as a top-tier concern in a divorce playing out in Michigan or elsewhere.

Especially a marital dissolution marked by a comparatively high level of wealth. Equitable property division often poses a challenge from the outset even in high-asset divorces grounded in candor and civility. A full identification of varied types of property (ranging from realty, savings accounts and stock holdings to a family business, company perks, collectibles and more) must be made. Those assets must then be accurately valued and fairly divided.

Candidly, that process grows complicated when one impending ex is hiding the ball by concealing marital property.

Such behavior is clearly unethical. It is unlawful, as well, and a court will be quick to punish it upon discovery.

“In a Michigan divorce,” notes one legal source on the treatment of marital assets in dissolution, “both parties have a duty to fully disclose all financial information.”

When that doesn’t turn out to be the case, a proven family law legal team well versed in divorce property division can help ensure that a spouse being financially victimized is well protected against fraud.

Innocent spouses in some divorces featuring asset concealment are awarded 100% of uncovered hidden assets, as well as punitive damages.