Divorce can be a challenging process, particularly when it comes to the division of assets. One of the most significant hurdles is the potential for hidden or non-disclosed assets. It’s crucial for both parties to fully disclose their financial situations; otherwise, the divorce settlement may not accurately reflect the true value of the marital estate.
In Minnesota, the case of Pooley v. Pooley (In re Marriage of Pooley), No. A20-1250 (Minn. Ct. App. Jul. 12, 2021) serves as an important reminder of the responsibilities of both spouses in this process. The court emphasized that both parties have a fiduciary duty to disclose all assets. When one spouse fails to do so, it can lead to serious consequences, including potential sanctions.
So how can one uncover hidden assets? Here are some effective strategies:
- Engage Legal Counsel: An experienced Divorce Attorney can guide you through the investigation process and help ensure that all necessary steps are taken to uncover hidden assets.
- Financial Document Review: Start by gathering all financial documents, including tax returns, bank statements, and investment accounts. Look for discrepancies or unusual transactions that might indicate undisclosed income or assets.
- Use of Forensic Accountants: If you suspect that assets have been hidden, hiring a forensic accountant can be invaluable. These professionals specialize in tracing financial activities and can often uncover hidden income or assets that may not be readily apparent.
- Social Media and Online Presence: Investigating social media accounts can sometimes reveal undisclosed assets or income. Posts about new purchases, vacations, or business ventures may provide clues about financial activities that haven’t been disclosed.
- Lifestyle Analysis: Pay attention to your spouse’s lifestyle. If they are living beyond what you believe to be their means, this could indicate hidden assets. Analyzing expenditures versus reported income can provide insight.
- Third-Party Discovery: Subpoenaing information from banks, employers, or business partners can help reveal hidden assets. This legal step may be necessary if voluntary disclosure isn’t achieved.
The Pooley case highlights the court’s expectation of asset disclosure but the court will not investigate the matter on behalf of a party. Additionally, if hidden assets are discovered after a divorce is completed, it may result in costly litigation to amend the division of property.
In conclusion, uncovering hidden assets requires diligence, a keen eye for detail, and often the expertise of professionals. If you suspect that your spouse may be hiding assets, consulting with a Lommen Abdo a law firm that can help protect your interests and ensure a fair resolution to your divorce.