A high net worth divorce is not a rare event in Michigan. The most interesting aspect of any high asset divorce is the sheer quantity of assets involved, all of which must be equitably divided between the divorcing spouses upon completing the process of separation.
However, sometimes one spouse may discover that the other party has failed to fully disclose his or her assets during the legal process. In such situations, it is a viable option to hire a professional to assist in conclusively proving that there exist assets undisclosed by one spouse.
In such a situation, assistance may be sought from a legal professional who can request tax returns, bank statements, pay stubs, cancelled checks, credit card statements, brokerage account details and other financial statements. These documents, when inspected carefully, can uncover information which was previously hidden.
In such cases, tax returns can be reviewed to ensure all interests received from bank accounts and all dividends gained from brokerage accounts have been fully disclosed. Also, public records can be searched to find out if the spouse has disclosed ownership of real estate properties or any other investments.
Likewise, undisclosed bank accounts can be traced through pay stubs. Also, the purchase of jewelry, antiques and artwork can be traced through a review of credit card statements, wire transfers and cancelled checks.
A divorce is a stressful event. Nonetheless, it must be ensured by every individual, especially by those going through a divorce, that all assets are disclosed by the other spouse so that there is no chance of a biased property division. Knowing that the property division is full and fair helps a person have more control over the results he or she achieves. In any event, covering all of the bases is a very smart idea.
Source: Huffington Post, "Discovering Hidden Assets: What Your Spouse Hasn't Disclosed During Your Divorce," Bonnie Sockel-Stone, accessed Feb. 18, 2015