While a divorce can sometimes feel like it’s pulling you in several different directions, it’s important to remember to take one thing at a time.
A big consideration you should make is deciding whether or not you feel your ex has been honest about their disclosure of assets. If you’re suspicious that they could have been hiding assets leading up to the divorce, an experienced Michigan family law attorney can help you find out.
Examine Tax Returns
A spouse who hides assets will sometimes make a “big deal” about you bringing up a discrepancy, which can be red flag number one. Some spouses will also claim that they have lost certain assets in question, whether it was through a bad bed or poor financial management. Other people may even go as far as to transfer money to a family member or friend for safekeeping until the divorce passes.
One of the best ways to find out if your spouse is hiding assets is to request a review of their tax returns. This can help you figure out a few things, including:
- Any taxes that were paid on property as itemized deductions you may not have known about.
- Capital gains in relation to your spouse’s securities
- Any income obtained through commercial property or quiet ventures on Schedule E
- Interest that was earned through discreet investments on Schedule B, or even interest that may be missing.
Need Help With Your Divorce?
No matter what stage of divorce you’re in, we want to help. The assistance of a Michigan divorce lawyer can make an immense improvement in the outcome of your case. We’re proud to offer free legal consultations—simply give us a call to schedule yours.
We look forward to hearing from you.