Property Division: Accounting for All Assets During Divorce
When dividing your marital estate during divorce, be sure all your assets are on the table.
Hiding assets before or during a divorce proceeding is common. There are a variety of means and methods used to deter a spouse from receiving his or her fair portion of the marital estate.
In Minnesota, courts divide your marital property equitably. This means wealth, debts and property are divided fairly, not equally. People of all income levels have tried to hide or dispose of assets in preparation for divorce.
Financial net worth usually drops immediately after divorce. Some spouses may employ the following tactics to cushion a financial fall and block their ex from receiving their fair share of the couple’s marital property:
- Defer bonus or company expense reimbursement until after divorce
- Invest sums of money in difficult-to-trace currency like Bitcoin or online currency
- Fabricate high debt
- Adjust income figures to reflect lower earnings
- Invest significant sums of money in questionable ventures during time leading to separation
- Make financial and accounting records unavailable — particularly after the mysterious loss or dysfunction of a computer or its hard drive
- Maintain numerous secret financial accounts
If you have concerns about hidden assets, your attorney may request a mirror copy of all computerized accounting records of your marital property. Forensic analysis can recover passwords and account locations and track money transfers and other information necessary to ensure your share of the marital property.
Tax records may be just a starting point. When you are concerned about hidden assets during divorce in Minnesota, talk to an experienced family law firm in St. Paul.