When a couple gets divorced in Michigan, assets and property acquired during the course of the marriage are generally subject to division between the spouses. When one spouse is hiding assets, property division proceedings can become even more complex and contentious than they normally are.
Michigan law requires that both spouses disclose all assets and debt in a divorce. Nonetheless, when greed and animosity enter the equation, unscrupulous spouses may attempt to hide assets so they are protected from equitable division.
Red flags that may signal hidden assets include:
- A sudden and unexplained decrease in income
- One spouse controlling all financial matters and refusing to open the books to the other spouse
- One spouse maintaining multiple bank accounts for no discernable reason
- One spouse expressing urgency in getting the other to sign divorce documents
The above circumstances may signal hidden assets or they may not. An experienced divorce lawyer can thoroughly examine your and your spouse's financial documents to identify and investigate red flags. In a high-asset divorce, it is not uncommon for other experts such as forensic accountants to be called in to help sort out these complex issues.
If you suspect your spouse is hiding assets in divorce, talk to a knowledgeable divorce attorney as soon as possible. Your future financial well being may depend on it.