Elkouri Heath, PLC

248-344-9700

39555 Orchard Hill Place, Suite 215, Novi, MI 48375

Subscribe to this list via RSS Blog posts tagged in hidden assets and divorce

Oakland County divorce attorney asset division

When you get divorced, you and your spouse will need to divide your property and assets. During the property division process, you will need to identify all of your assets, determine their value, and reach a fair and equitable agreement for how these assets should be distributed between the two of you. Unfortunately, this process can become more difficult if one party tries to unfairly influence the results by hiding or concealing assets. If you suspect that your spouse has hidden assets from you, you will want to understand how you can uncover this activity and the steps you can take to ensure that your property is divided fairly and equitably.

Methods of Hiding Assets

There are a variety of ways that spouses may attempt to conceal assets that they do not want to divide with their spouse, including:

...

Farmington Hills asset division lawyerOne of the most common things that married -- and divorcing -- couples argue about is their finances. When you get married, you often combine your two separate financial situations into one. This can make things easier on you when you are married, but it can spell disaster if you are attempting to separate finances because of a divorce. 

While a divorce is a normal time to stress about money and your other finances, some stress can be avoided with preparation. If you properly prepare your finances for your divorce, you will come out on the other side not feeling like you lost everything. Here are a couple tips to use when financially preparing for divorce:

Make Sure You Have All of Your Financial Documents

Before you can begin to prepare your finances, you must know what you are working with. This is why you should gather any and all documents pertaining to any part of your finances. Try to make sure you have documents such as:

...

MI family lawyerA divorce encompasses almost every part of your life. It can affect your emotional well-being, your financial well-being, and your family life. There are many decisions you must make when you get a divorce and all of those decisions will affect you for many years to come. Even just one mistake can cause you to suffer negative consequences, especially when it comes to finances. Avoiding making mistakes can mean a lot less stress and a lot smoother of a divorce process. Here are a few common mistakes that people make in a divorce and how you can avoid making them.

Not Knowing What Assets You and Your Spouse Have

When you are getting a divorce, property division is important and one of the most important things is knowing what property you and your spouse actually have. Most of the time, one spouse will have the responsibility of handling the finances. You should make sure if that spouse is not you, you have a decent understanding of your finances and what you actually own.

Forgetting About the Tax Consequences of Your Decisions

Almost every financial decision you make during your divorce will impact your taxes in some way. Spousal support payments will be taxed, which may or may not be better than a lump sum that would be taxed. Child support payments can also change your tax consequences. It is important for you to understand what the tax consequences of your actions will be.

...
Oakland County Bar Association State Bar of Michigan Collaborative Practice Institute of Michigan WCCDBA Woman Lawyers Association of Michigan
Back to Top