Is your spouse trying to hide assets?

On Behalf of | Oct 2, 2022 | Property Division |

You and your spouse have decided that the differences in your marriage are irreconcilable. Divorce is your best option, and proceedings are about to begin. If you have children, then matters related to custody will be your top priority. If not, then you can start thinking about financial matters such as property division.

In Michigan, the court will divide property on an equitable basis. To do this properly, they need to have access to the financial records of both spouses. If assets are hidden, then the equitable distribution process does not work as it should because one spouse misses out.

Outlined below are a few signs that your spouse may be trying to hide assets from you.

Income and lifestyle that do not match

Your spouse is claiming to be just getting by financially. However, you know for a fact that they have been on two lavish holidays recently as well as purchasing a brand new vehicle. Something just doesn’t add up. Does your spouse have access to more money than they are letting on? Could they have purposely deceived the court by hiding assets?

Financial secrecy

When you and your spouse got married, you opened a joint bank and savings account with one another. You pooled your assets together so that you could spend and enjoy them together. Recently, when logging on to the joint account, you couldn’t get in. You’re being told the password is wrong, which is strange because you have made no changes. The only other person with access is your spouse. Why would they have altered the password? Are they trying to hide something?

Uncovering any hidden assets is vital in ensuring that you receive a fair divorce settlement. Having legal guidance behind you is extremely beneficial.