Divorce proceedings have become notorious for revealing hidden assets. Most couples can relate. Even after getting married and consolidating assets, spouses may still find a way to hide some assets from their significant others. From a little shopping or poker money to a cabin up north, sometimes married people just need some property that is only their own.
When a couple decides to file for divorce in Minnesota, however, all assets need to be disclosed. This includes even that one asset that one had been purposely concealing since the beginning of the marriage. What ultimately happens to these prized assets can be the subject of much consternation for divorces. Questions arise relating to whether their spouse can take the cabin that was left for the other spouse by his grandfather. Additionally, one may question whether a spouse can force the other to liquidate their valuable collection.
Answers to questions like these are not always straight forward. Property division in a divorce can be challenging, especially in a high-asset divorce. But, local St. Paul family law attorneys are perfectly equipped to advocate for divorcees struggling through this worrisome process. They can help spouses protect certain assets that are special to them as well as pursue valuable property that the other spouse has staked a solo claim to. If there is concern that assets are being concealed, local attorneys can help their clients unearth those as well.
Too often, divorcees rush the property settlement before considering all of the issues, and assets, on the table. Once the original settlement or court determination is made, it can be challenging to come back and change if assets change value or come to light.
This is why individuals are encouraged to team up with an experienced divorce attorney. Without the benefit of decades of experience, they can forgo hundreds of thousands of dollars in assets that properly belongs to them post-divorce.
Source: Businessweek, "Hunting for Hidden Cash in Divorce Proceedings," Ben Steverman, June 3, 2013