Broken down, the basic laws governing property division in a divorce are simple. The assets are to be split equitably, which does not necessarily mean equally. The devil, of course, is in the details. Even still, when all the assets are laid out on the table, property division is relatively straight forward. Spouses are either able to come to a mutually agreeable settlement via mediation or a judge will order the property to be split in a specific way.
In a surprisingly large number of divorce cases, however, including those in Minnesota, where assets are hidden or allegations of asset hiding are made. While this may seem salacious, it is not uncommon for spouses to keep assets separate even when things are running smoothly. When the relationship begins to falter, then, there is more incentive to find a soft landing zone for one’s assets.
When that divorce is filed, though, all assets need to be disclosed. Despite the clarity in the law, it is not uncommon for a spouse to be less than forthcoming about his or her assets. They may have ostensibly “gifted” them to a family member or shifted them overseas in an attempt to exempt them from the divorce process. This can be frustrating for a spouse that is playing by rules.
Local St. Paul family law attorneys have seen asset hiding before and know how to cure the issue. They can uncover and reveal assets through the legal process. This process can give the opposing spouse peace of mind that the proposed property settlement is fair. Alternatively, if assets come to light after a settlement is entered into by the parties, then local lawyers may be able to help divorcees seek an agreement modification. In either scenario, the goal is fair financial compensation for the divorcing party.
Source: Huffington Post, “Uncovering Hidden Assets in Divorce Litigation,” David Centeno, Aug. 15, 2014