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Couples get in trouble hiding assets during a divorce

When married couples split, the legal proceeding that follow can easily turn contentious. Especially when large amounts of assets are involved, greed can make any divorce ugly. The important thing for Michigan couples to remember is that honesty is always the best policy.

Parties themselves can determine division of assets during settlement talks or if parties can’t come to an agreement, a judge may determine how to divide the marital property. The parties and attorneys involved need to be aware of each other’s financial assets in order to divide those assets accordingly. Unfortunately for some there may be a perceived incentive to undervalue or hide their assets to avoid sharing them with their ex-spouse.

The scene recently played out with a wealthy MBA baseball team owner in California. His ex-wife received an amount during the divorce settlement and agreed to the terms of the settlement but the couple is back in court. The wife claims that her husband misled her as to the value of his baseball team. She believes she should have been awarded more money.

The husband’s attorney says that the wife had access to all of her husband’s finances during the divorce. They say that the wife did not do her due diligence in reading the finances for the assets. The woman disagrees and claims her ex committed fraud by claiming that the team was worth substantially less than what he eventually sold it for. She agreed to the settlement because she says she thought she and her ex-husband were splitting everything equally but didn’t end up being the case.

If the judge throws out the original divorce order then arguments over division of property will resume. This is a step in the divorce process that no party probably wants to take. Re-opening a divorce settlement only prevents the couple from moving on. This is why couples should speak to a Farmington Hills Divorce Lawyer to make sure that the divorce is complete successfully the first time around.

Source: Detroit Free Press, “Ex-wife: Short changed $770M in Dodger divorce,” April 24, 2013