Virtually every divorce involves settling numerous highly complex issues. Among those is separating property and financial assets.
Property division in Michigan is governed by a principle of equitable distribution, which means that the courts will divide assets in a manner that is fair to all parties. In order to do so, they need to have a clear and accurate picture of the financial circumstances of each spouse. Unfortunately, a spouse may try to circumvent this process by hiding assets. Are there ways to tell if this is the case in your divorce?
Has your access been restricted?
If you have joint bank accounts with your spouse, then there is no reason why you shouldn’t be allowed to see them. Evasiveness around finances is the first sign that something may be amiss. To gain the divorce settlement that you are entitled to, the courts need to be given the full picture. You simply cannot provide this if you have been left out in the lurch.
Acquisitions that don’t match apparent income
Your spouse may claim to have fallen on hard times financially. They may even give the impression that they have recently had to take a pay cut. If this is truly the case, then it would be fair to assume that they would have to tighten the purse strings, rather than make lavish purchases. If your spouse’s lifestyle doesn’t match their story, it could be a sign that assets are being hidden. Major purchases such as new cars or expensive holidays are not indicative of someone who is in a tight spot economically.
Getting a fair divorce settlement means that everything needs to be out in the open. Hidden assets have the potential to damage your future, so it is important to address them. Having a firm understanding of your legal rights in Michigan will facilitate this process.