Does family law in Michigan protect against hidden assets?
When a couple decides to divorce in Michigan, it is rarely a spur of the moment decision. Usually, the decision to divorce is made after a series of events or unresolved disagreements. Unfortunately, by this point, trust has often been broken for both parties involved. In regard to allocating and distributing assets, broken trust often leads to the concern that one spouse is hiding his or her assets.
Worrying about your soon-to-be ex-spouse’s hidden assets is a common occurrence. When dealing with asset allocation in Michigan, it is important to know what your rights are and what you can do about these hidden assets.
Becoming Fully Informed
Sometimes, it is not that a spouse is purposely hiding assets. Within some marriages in Michigan, the financial responsibilities like paying bills, setting budgets, and keeping up-to-date on savings, retirement funds, and stocks, all fall into the hands of one spouse; a decision both spouses made when they initially married.
Following the decision to divorce, it is important to sit down with your spouse and to become fully informed on the finances within your marriage. In Michigan, a family law attorney can use a subpoena to find answers to a spouse’s financial questions.
The Subpoena: Questions to Ask
Issued by a Michigan-licensed family law attorney, a subpoena can help take the stress out of trying to figure out whether there are hidden assets that have yet to be uncovered. Essentially, a subpoena is a court-sanctioned demand for the information requested. Subpoenas can be used for various entities including financial institutions, employers, etc.
When your Michigan family law attorney issues a subpoena, some of the questions he or she can request to have answered are:
- • For Banks: Does the other party have an account with your banking institution? If so, please provide the account’s complete history, including deposits, withdrawals, and transfers.
- • For Employers: Is the party employed by your company? How long has he or she worked with you? How much is he or she paid in salary and bonuses?
- • For Various Insurance Policies/Retirement Plans: When was the account opened? What benefits can be withdrawn? How much is in the account? Have funds been diverted elsewhere?
- • For Stocks: When was the account opened? What assets are in the account? Have funds been diverted elsewhere?
In Michigan, there are no limits regarding issuing subpoenas to various business and personal entities. The courts do not protect hidden assets and it is essential that your Michigan family law attorney is aggressive and persistent in his or her quest to uncover any and all of your spouse’s hidden assets.
If you are concerned about hidden assets within your own divorce proceedings, hire an experienced family law attorney that you can trust to help address your concerns. The Michigan family law attorneys at The Gucciardo Law Firm are well versed in how to handle cases involving hidden assets and will not stop until you have received the answers that you have requested. Call today at (248) 723-5190 for a free consultation.
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