Hidden Assets
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Hidden Assets in Divorce
Marital assets in any Michigan divorce are divided fairly, although not necessarily equally during the property division process. Before the assets in any divorce case can be divided, though, everyone involved in the divorce case needs to know about them. Sometimes, spouses will hide certain assets during divorce to protect them from being divided between them and their spouse. This only makes a difficult situation even more challenging. If you believe that your spouse is hiding assets during your divorce, it is important to speak with a Michigan divorce lawyer who can help you uncover them and receive the fair settlement you deserve.
Common Types of Hidden Assets
Cash is a common asset for people to hide when they are going through a divorce. However, the assets a person has can clearly encompass far more than just cash, and there are some surprising ways that a spouse can conceal assets. A person may hide jewelry and other valuable assets by giving them to a friend temporarily, or they may even transfer the deed or title of real property to another person so it is no longer in their name. A divorce lawyer and the team of experts they rely on can trace these hidden assets so everyone has a clear picture of the property involved.
Proving Hidden Assets
It may seem as though because you do not know about the nature of the hidden assets, it is impossible to prove your spouse is hiding them. Fortunately, that is not true. If you and your spouse are still living in the same home, it can make it easier to discover these hidden assets. Check around the home, including hiding places such as a closet or safe, looking for things such as receipts related to certain assets, documents such as investment account information, or even cash. These are all important pieces of evidence in your case.
If you find evidence of hidden assets, do not take it or approach your spouse about them. Instead, simply take a picture that you can then forward to your attorney.
Hiring a Forensic Accountant
A forensic accountant can help you track down cash and other hidden assets you cannot find on your own. Forensic accountants are not always necessary, but there are a few signs that you need one. These include:
- You and your spouse usually use gift cards or cash to pay for items
- You spend more than you report earning
- Your spouse always has a lot of cash on them
- Your spouse works in a cash-based business, or earns large commissions or tips
Our Divorce Lawyers in Grand Rapids Can Help You Discover Hidden Assets
If you are going through a divorce and believe your spouse is hiding assets, our Grand Rapids divorce lawyers at Van Den Heuvel Law Office can help. Our skilled attorneys know how to prove your spouse is hiding assets and will file a motion with the court to compel them to provide full disclosure or face certain consequences. Call us today or contact us online to schedule a consultation and to learn more about the options available.
