It is common for one person to feel they are drawing the short straw in a Michigan divorce. This is especially true if there are multiple properties, retirement and bank accounts involved. If you are negotiating a divorce settlement, you may have concerns about whether your soon-to-be-ex is hiding assets. At Eisenberg & Spilman, PLLC our experienced team often helps clients through complex divorces cases.
According to Divorce Magazine, the discovery process includes proper techniques you can use to uncover hidden assets.
One of the most common methods is to demand documentation that indicates the existence of assets and value. This is essential if your spouse owns a business. In many cases, companies created after the marriage are considered marital property. Examples of documents you can request during the discovery process include, but are not limited to the following:
- Personal and business financial statements
- Bank statements
- Loan documents for lines of credit, the family home, personal and company vehicles, other real estate
- Profit and loss statements
- Retirement account statements, including IRAs, pensions and 401(k)s
- Appraisals for real property, jewelry and art
Inspection demands are ideal for inspecting property such as homes, antiques and safe deposit boxes. There is also the option of an oral deposition. Your partner must tell the truth while under oath or risk committing perjury.
If you have concerns regarding the fairness of property division, there are legal options for collecting the information you need. An attorney can help you spot hidden assets and determine the best approach based on your specific situation. Visit our webpage for more information on this topic.