Is your spouse concealing assets?

If you have recently experienced a breakdown within your Michigan marriage, you may have suspicions about your spouse being less than honest with you. If, for example, you worry your spouse is being untruthful with you when it comes to money, it can have a serious impact on your ability to get a fair shake during divorce.

According to the Huffington Post, three out of every 10 spouses who maintain shared bank accounts hide assets or major purchases from their significant others. While telling a white lie about how much you spend on, say, camping equipment or a handbag might seem minor, making omissions or hiding major expenditures ahead of a divorce is downright unethical. So, if you believe your spouse might be making moves in an attempt to strip you of your financial freedom once you divorce, it is important that you recognize how he or she might do so.

While many spouses simply move assets into a separate bank account that might exist at an entirely different banking institution, some husbands and wives employ sneakier tactics. For example, if your spouse operates his or her own business, know that he or she may intentionally delay invoicing clients for work done until after the divorce. Doing so can make it appear as if your spouse has less income, meaning there is less to split between you.

Your spouse may also, depending on the relationship, ask his or her employer to hold off on giving raises or promotions until your divorce runs its course. He or she may also try to get a leg up on you financially by purposely paying too much to the Internal Revenue Service for taxes. That way, he or she can reduce his or her amount of taxable income while telling the agency to put the excess money toward future tax obligations.

Please note that this information is educational in nature and not a substitute for legal advice.

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