Is my Spouse Hiding Assets From me During The Divorce Process? How Can I Tell?

Hiding assets during a divorce is a big no-no in Michigan! Because we’re an “equitable distribution” state (which means that our family law courts try to divide a divorcing couple’s assets as fairly as possible.) Each spouse is legally entitled to a portion of their combined assets. But that doesn’t necessarily mean you each get half! So how are assets divided in Michigan? 

A man holding the inside of his pockets out to show that he has nothing in his pockets. But he may be hiding his money somewhere else.

In most divorces, the court looks at a variety of factors when dividing assets. Those factors include things like how long the marriage lasted, and what each spouse contributed over that time together. But it’s not usually the court that figures out if a spouse is hiding assets – that’s the job of the attorney you hire to help you with your divorce. (Which is why you should always get the best attorney around. Your financial future could depend on it!)

How does my attorney understand my finances during a divorce?

There are lots of ways an attorney can determine if a spouse isn’t being honest and upfront about what and how much they own. At the beginning of a divorce, attorneys always go through what’s called “the discovery process.” This is when a couple gathers information about their combined and separate assets and gives it to their respective attorneys.

“Discovery” requires that you both submit ALL relevant financial information, like bank statements, account balances, 401K information, retirement plans, trusts, and mutual funds. That info, along with details about other assets (like properties and vehicles you own) all gets used to provide a complete picture of your financial worth, both as a couple and as individuals. 

How does my attorneys figure out if my spouse is hiding assets?

There are several ways an attorney can figure out if your spouse is hiding assets. First, if you suspect that they’re stashing cash, or not disclosing information about all of their accounts, you can tell your attorney and they can investigate further. In some cases, divorce attorneys hire financial experts, like a forensic accountant, to dig deeply into your family finances and discover any hidden assets.

In most cases, people simply aren’t very good at moving money around in secret, or hiding assets in a way that isn’t traceable. (And given the digital trail that money leaves nowadays, it’s very difficult to do, even for criminal masterminds!). So if your spouse is trying to keep something on the side for themselves, and you’ve got a great divorce attorney on your team, the truth will be revealed in the end.

How do I make sure my spouse doesn’t hide assets during the divorce?

Obviously, you can’t control your spouse or their actions. So if they’re engaging in shady financial transactions, there’s not much you can do to stop them from trying. But there is something you can do to affect the outcome of your divorce, regardless of what your spouse tries – you can make sure you have the best attorney money can buy!

Here at The Kronzek Firm, our skilled and experienced family law attorneys have helped many people over the years to achieve successful outcomes in their divorces. We regularly handle custody disputes, alimony and child support concerns, asset division issues, and even prenuptial agreements. If you’re considering divorce and you think your spouse may be trying to pull the wool over your eyes about money, call us at 866 766 5245 today. We can help!