If you file a petition to dissolve your marriage in Minnesota, you must work out a settlement. When there are high-net-worth assets at stake, you’ll want to make sure you have protected your interests. If your relationship with your spouse is contentious, and he or she has sworn revenge against you, it’s critical to learn as much as you can about property division laws and enlist support to ensure a fair settlement. If your spouse tries to hide assets, you can enlist support from a forensic accountant.
There are several benefits to hiring a forensic accountant as you prepare for divorce proceedings. It’s also wise to have legal support on hand, especially if you believe your spouse is trying to beat the system or leave you with less than you should receive.
Divorce gets messy when a spouse starts hiding assets
If your spouse is trying to give you the short end of the stick in property division proceedings, he or she may try to hide assets. The most common ways to do this include overpaying taxes or a credit card balance, pretending to give someone a loan, or purchasing luxury items and understating their value during the disclosure phase of a divorce.
A forensic accountant can analyze financial statements, tax returns, real estate records and more to review a person’s financial profile and track transactions. In a divorce where you suspect your spouse of hiding assets, this type of investigation may reveal where all the money is coming and going.
Determine marital property from non-marital assets
If your spouse is set on fighting over assets, you’ll want to be sure you separate marital property from non-marital property before heading to court. If you signed a prenuptial agreement, you may have listed certain assets as separately owned property in the contract, such as an inheritance you received or a business you launched before marriage.
A forensic accountant is a financial expert who can help you make sure you have compiled an accurate and thorough list of marital assets and non-marital assets in your divorce. Property division proceedings also involve splitting debt between spouses. A forensic accountant can sort out who is liable for which debts.
A forensic accountant can testify in court on your behalf
Forensic accountants not only assist divorce attorneys to prepare depositions and develop a case strategy when assets are contested, they can also provide testimony that is key to revealing a hidden asset scheme. Such an accountant often provides the financial data needed to support a claim.
You worked hard for what you have. Minnesota property division guidelines help family law judges determine what you’re entitled to in a high-asset divorce. If your ex is trying to beat the system, the law is on your side. You can tap into local resources, such as legal support and forensic accounting support, to prove your case and obtain a fair settlement.