Certain changes in life can have a substantial impact on the future of everyone involved. Individuals who are facing divorce in Minnesota may wish to take measures to prepare for the financial ramifications of the end of a marriage, but the process can be complex. With the potential gravity of the outcome of a divorce, one may find it beneficial to uncover any assets that may have previously been hidden, as failing to do so could prove devastating.
In equitable distribution states, such as Minnesota, the division of marital assets doesn't necessarily have to be equal, but it must be fair. However, any assets that are not identified may not be included in the process, which can have a substantial impact on the outcome of a divorce. There are a multitude of ways in which an individual may seek to hide assets during divorce, and knowing the potential signs of similar behavior could prove beneficial.
Hidden assets can come in the form of substantial portions of cash that go undocumented, or even the transference of ownership rights of certain assets to another party prior to divorce. Individuals who are overly secretive with finances, or seek to control all monetary obligations in the marriage, may be more prone to attempting to hide assets during divorce. Unusual spending habits prior to divorce can also be a sign of such behavior, as can a sudden and unexpected change of reported income levels.
Individuals who wish to protect their financial futures following divorce may wish to uncover any potentially hidden assets, but they may be uncertain where to turn for guidance. When facing the end of a marriage, a person could benefit from speaking with a family law attorney for advice in covering every aspect of the process. An attorney in Minnesota can address a client's concerns and wishes and assist in pursuing the most favorable outcome possible during subsequent legal proceedings.
Source: goodmenproject.com, "Signs That Your Spouse is Hiding Assets," Sinta Ebersohn, Nov. 1, 2017