Mary Carollo: Hidden Assets in Divorce

A good, healthy marriage is based on trust. We all have secrets. But when those secrets affect your relationship, they can often come back to haunt you later. As a divorce lawyer, I’ve seen this happen before. Marriage is a partnership where both parties are making a commitment to share their life together.

DOES YOUR SPOUSE HAVE HIDDEN ASSETS?

And one of the biggest components is sharing your finances and assets. But when a marriage falls apart, many people resort to hiding many of the most valuable assets from their partners. Fortunately, there are ways to track down any hidden income and other assets.

DETERMINING THE DIVISION OF ASSETS

Divorce can often get complicated. One of the most complex issues is the division of assets. The first step is to consult with an experienced and knowledgeable divorce attorney
When determining the full financial inventory of each spouse, assets are separated into three different categories:

Marital Assets:These are assets acquired strictly during the marriage.
Commingled Assets:These are a mixture marital assets and separate property. The most common examples are retirement funds and bank accounts.
Separate Assets:These are assets that were acquired prior to the marriage or after a separation. They can also be any inheritance or gift.

ARE YOU THE “OUT SPOUSE”?

In many marriages, one spouse is often in charge of handling most of the financial decisions and bookkeeping responsibilities, whether it is filing taxes or balancing the checkbook. Divorce attorneys often refer to the spouse who does not participate in most of the financial decisions as the “out spouse”. In these instances, the out spouse generally does not have the same level of access to the couple’s financial situation. If you are the out spouse, the first step is to ask your partner to make copies of all marital financial records. A cooperative spouse can make the process much easier. Unfortunately, that is rarely the case–especially when there is tremendous acrimony in the fractured relationship. The good news is most financial records can be found online. If you are unsure of any accounts, contact any banks, mortgage companies, retirement plan advisors or any relevant financial institutions during your marriage.

A DIVORCE ATTORNEY CAN HELP WITH THE DISCOVERY PROCESS

If you have made the difficult decision to file for divorce in Utah, it is vital to know all of the assets acquired during your marriage. If you have any suspicion your spouse is hiding any assets, it is important to contact a Salt Lake City divorce attorney with a track record helping clients through the discovery process. The attorney can make requests of several important types of financial documentation from your spouse, including tax returns, loan applications, bank account records, financial statements and much more. By utilizing the discovery process, you spouse will also have to answer specific questions in writing. It is the most effective method to gain financial information from an uncooperative spouse.

WHY DIVORCE IS MORE DIFFICULT FOR MEN

Divorce can be a bitter struggle. Anytime a long-term relationship comes to an end, it can be devastating both emotionally and financially. When it comes to divorce, it is often said there are no winners. But there is definitely plenty to lose. But who stands to lose more–men or women? More often than not, the answer is men. The lazy argument is men generally make more money and have more to lose financially. But that is only part of the equation. There are some other overlooked factors many people do not take into consideration.

Here are some scary statistics. Did you know divorce can affect your health? According to a study conducted by the Journal of Men’s Health, divorced men are more likely to contract heart disease, high blood pressure and strokes than their married counterparts. They are also 39 percent more likely to commit suicide or engage in risky behavior. Although popular opinion suggests women tend to be more emotional, there is more scientific evidence that suggests it may be the opposite when it comes to divorce. Here are some reasons why.

THE LOST SENSE OF IDENTITY

Many men fall into the trap of letting marriage define who they are. When a marriage comes to an end, men often get a sense of losing their identity. For years, they have spent much of their lives with a partner to provide emotional support and sexual fulfillment. One solution is to work on rebuilding confidence by joining an organization or getting involved in a new activity. It not only allows men to branch out and meet new people, it also gives them the opportunity regaining a sense of fulfillment by accomplishing new and different goals.

PATERNAL INSTINCT IS CHALLENGED

For many men, the sense of family is the backbone of their relationship. It can be a difficult transition to go from being the head of a household to being completely out on your own. It is important for men to remain a major part in the lives of their children. Although women typically are awarded primary child custody, the bond between a father and their children can be very therapeutic.

MEN DO NOT GRIEVE PROPERLY

Divorce and death are two completely different things. However, both can cause a huge void that is seen as irreplaceable. Because men have a tendency to bottle up their emotions, it can lead to deeper feelings of depression. Psychological issues can often become powerful triggers for high blood pressure. Depression involves much more than just feeling depressed. It can also lead to physical issues, including pain and less physical activity leading to obesity and heart disease.

Free Consultation with a Divorce Lawyer

If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will help you.