Under Michigan’s divorce laws, the courts must divide a divorcing couple’s assets in a way that is equitable. In order to make a determination about what is equitable, the court will consider a number of factors, including the income and assets of each party. However, if one party is hiding assets from the court, they may succeed in preventing the court from dividing those assets. If one party is hiding assets and income, they may further succeed in reducing their burden in terms of things like child support and spousal support, as both of these issues rely on an individual’s financial status as well.
While no one wants to think that their spouse may be hiding assets and income in a divorce, it happens, especially in high asset divorce cases. If you suspect hidden assets and income, here is what you need to do:
The first thing that you will need to do is to conduct a thorough investigation into your spouse’s finances. This will include reviewing tax returns, conducting a public records search under your spouse’s name, reviewing any pay stubs or other sources of income, matching up income and expenses, and reviewing credit card statements and bank accounts. If you notice anything out of the ordinary – like large withdrawals from bank accounts or that your family budget exceeds the amount of income, or large purchases that you are not sure how are being paid for – it may be a sign your spouse is hiding assets or income.
Work with a Financial Professional
Even if you gather all of the evidence above, you may not be able to understand it without a financial professional. If you have a nagging suspicion that something is going on with your spouse’s finances that you aren’t aware of, a financial professional can help you to dig deeper and understand your findings.
Work with an Experienced Michigan Attorney
Attorneys who have experience in high asset divorce are highly skilled at uncovering hidden assets in a divorce. An attorney can depose your spouse, requiring them to give testimony about their assets under oath. Your attorney may even be able to help you issue a subpoena to review your spouse’s bank accounts, stock options, retirement plans, and more. Further, if anything is discovered, your attorney can advise you regarding your rights, as well as how to obtain a fair property division agreement/spousal support arrangement in general.
Our Law Firm Is Ready to Get to Work
At the Law Offices of Michael A. Robbins, our Michigan high asset divorce attorneys know how important it is that you uncover all of your spouse’s assets; failing to may have a significant impact on the court’s decision regarding important financial matters. We will work hard on your behalf to make sure you get the settlement you deserve – contact us today to schedule a consultation by calling 248-646-7980.