As a couple in Michigan going through a divorce, asset division could be something of a headache for you. This can be one of the most difficult parts of the divorce process. Not only is the actual division tedious and sometimes full of arguments, but in some cases, your spouse might even be trying to pull the wool over your eyes. Lisa Stern is here to help you by pointing out signs of hidden assets.
In some situations, a spouse might start to hide assets if they know a divorce is imminent. What does hiding assets mean? Essentially, it's any action that is taken which obscures the actual amount of money a person is making or has. This is often done because assets may be divided between spouses, causing a person to lose more if they have more to give. A person with high assets may also be forced to pay higher alimony.
To hide their assets, someone could open up new accounts, pay off fake debts to family members or friends who intend to give the money back, or transfer their assets into physical items by making big ticket purchases like cars or fine art. Other tactics may be employed, too. Typically, signs something is awry are first noticed through mysterious bank statements, unknown charges, and other financial footprints that don't add up.
If you have any reason to believe that your spouse is hiding assets, take a look at our web page on divorce, linked here. You can get in contact with our legal team in order to figure out what your next steps should be and how to handle them.