When One Spouse Hides Assets During a Minnesota Divorce

A Minnesota divorce can be a trying time. If you and your spouse are getting divorced in St. Paul, you may be concerned about how your financial future will play out once proceedings are finalized. The desire to maintain the same lifestyle you upheld while together may reign high on your list of priorities. Sometimes, though, one spouse may take that consternation a little too far, and actually hide assets.

Full Financial Disclosure in a Minnesota Divorce

When getting divorced in St. Paul, both parties actually have a legal obligation known as full disclosure of finances. The duty of full financial disclosure is important because during the marriage, the couple quite possibly grew their financial income, and with it, assets. If one spouse chooses not to disclose the full extent of those assets, the other spouse could be put at a major financial disadvantage. When you're getting divorced in St. Paul, there are a number of assets that must be disclosed.

Those assets are also the ones that a spouse typically attempts to hide, and include:

  • bank accounts;
  • savings accounts;
  • retirement plans (including 401k and IRA accounts);
  • businesses; and
  • real estate.

If you're getting divorced in St. Paul, the issue of hidden assets will most often come up during the division of property, when all assets are split, either by court order or settlement. This can often be a contentious time, and depending on the degree of affability between you and your spouse, you may need the mediation skills of a St. Paul family law attorney.

Warning Signs That Your Spouse is Hiding Assets in a Minnesota Divorce

The last thing you want to consider when getting divorced in St. Paul is that your spouse may attempt to hinder your future. Unfortunately, though, this can happen when your spouse hides assets.

If you think your spouse may be attempting to hide assets from you, it's best to consult with a St. Paul family law attorney. A St. Paul family law attorney is able to attain the help of experts like tax valuation specialists and forensic accountants to most accurately determine whether full financial disclosure has occurred.

Meanwhile, if you notice some of the following behaviors, it may be time to contact a St. Paul family law attorney to either confirm or put a rest to your suspicions:

  • Assets that were present during your marriage are suddenly depleting or disappearing altogether.
  • Your spouse's explanations don't add up to financial records.

Full financial disclosure when getting divorced in St. Paul is crucial. This way, your St. Paul family law attorney knows how to best fight for your needs. When full disclosure doesn't occur, your St. Paul family law attorney is equipped with the skills and resources to recognize the discrepancy and represent your financial interests.

When to Contact a St. Paul Family Law Attorney

Banas Family Law, P.A., will give you the personalized service you need to resolve your family law issues, whether you are dealing with a Minnesota divorce, spousal support or child custody. Contact us today for a consultation with an experienced St. Paul family law attorney - 651-361-8109.

Categories: Divorce