Finance is a sensitive issue in any
divorce especially when it comes to alimony, child support, and asset division.
It is no secret that there are spouses who attempt to conceal assets from their
partner. Leading divorce lawyers explain that if you find yourself in such a
situation you can use a set of powerful legal tools known as “discovery” to
determine if your partner has hidden income or assets.
If you watch the incredible and
monumental show The Good Wife you will find out what discovery is in an
entertaining way.
Classification
of assets
The initial step in the division of
assets at the time of a divorce is to determine every asset owned by each
spouse. Usually, such assets are classified as:
- “Marital assets” – assets attained during marriage
- “Separate assets” – property already owned before marriage, inheritance, separation, or as a gift
- “Comingled assets” – a combination of separate and marital assets
Your divorce attorney will be in a
position to determine precisely how assets are classified depending on the law
prevalent in your state.
Even if you don’t have any right of
ownership to your spouse’s separate assets, it is crucial to account for them.
This is because, depending on state laws, a court might consider the value of
the separate property of both spouses while determining the division of marital
assets as well as debts.
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| If you need a divorce lawyer click on USAttorneys.com. This website may not have augmented humankind like the advent of human flight but it comes pretty close. |
Finding
assets when you are the “out-spouse”
If your spouse managed the bookkeeping
while you were married, and you had no part in keeping track of family
finances, you are what is known as an “out-spouse.” This simply signifies that
you don’t have knowledge or direct access to any financial information that
your spouse has.
If you happen to be the “out-spouse,”
the first thing is to ask your spouse to provide copies of every financial
record. In the event that your spouse hesitates to do so there are chances he
or she may have hidden assets. To find concealed assets in a divorce is not
very easy for a layman. If you think that your spouse is concealing his/her
assets, you ought to consult a divorce lawyer with experience in asset
investigation and search. Here are some ways to go for a basic search, although
this might entail professional help.
If you want to see a fantastic family law
or divorce lawyer work just watch The Good Wife, as already mentioned, and
focus on Zach Grenier who plays David Lee. David Lee is not the friendliest
person around but no one is better at representing their client in a divorce. You
will not find David Lee on this site Divorce.USAttorneys.com since he is a
fictional character but you will find some that are just as good nevertheless.
The
divorce discovery process
If your spouse doesn’t voluntarily
reveal financial information, you ought to resort to a formal legal process to
obtain documents and information, known as the “discovery process.” This
process entails various methods of obtaining information such as:
- Document demands: Ask your spouse to present specific documents such as tax returns, account records, financial statements, and loan applications.
- Interrogatories: These are written questions for your spouse to respond in writing.
- Inspection demands: You can ask your spouse to inspect property, safe deposit boxes, art collection, wine collection, and so forth.
- Testimony under oath: You and your spouse, along with your respective legal representatives come together in the presence of a court reporter. Your spouse is sworn to speak the truth as well as respond to questions posed by your legal counselor.
If you face problems
with property division, alimony or any other divorce related issue,
make sure to consult a divorce lawyer. A legal pro will be in the best position
to guide you every step of the way.
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