You aren't sure that your spouse is going to be fully honest with you during the divorce. You're worried that he or she is going to try to hide assets.
Previously, we began looking at the issue of donative with respect to interspousal gifts. In determining whether a spouse had donative intent, in cases where this is in dispute, courts need to make sure there is enough evidence to support such a finding. In the decision we began looking at last time, the trial court sided with the husband--that the properties were separate.
For some Floridians, firearms are part of a way of life and a significant amount of money is tied up in firearms collection. For these folks, divorce can present issues not only in terms of dividing the value of firearms between the couple, but also when allegations of domestic violence come into play.
We mentioned last time that an important tool in handling retirement assets in divorce is the qualified domestic relations order (QDRO). In addition to the requirements we mentioned last time, there are several negative requirements for these orders.
In our last post, we began looking at the issue of dividing retirement assets in divorce. As we noted, unless a spouse is named as a beneficiary or the state of divorce considers funds contributed to the account during the marriage to be marital property, the non-holding spouse’s only option is to negotiate for a share of the funds.
Property division is an important aspect of divorce, particularly in cases where significant assets are at stake and one party may be at a significant financial disadvantage compared to the other party in terms of post-divorce financial health. One area where couples can have significant assets built up is retirement accounts, whether 401(k)s, IRAs, or types of accounts.
Being in business for oneself is a lot of work, and a lot of planning needs to be done to protect a business. Managing liabilities is especially important, and this includes both financial liabilities and legal liabilities. It can also include liabilities stemming from divorce.
Hiding marital assets in Bitcoin, as we mentioned in a recent post, is one of the strategies some married people are using to keep assets from being entered into property division in divorce. For readers who are unfamiliar with the term, Bitcoin refers to a “peer-to-peer electronic cash system,” as its inventor has defined it.
In recent posts, we’ve highlighted the importance of working with an experienced attorney to make full use of the discovery process in divorce to ensure that a spouse doesn’t get away with hiding assets. Again, this is a particularly important issue for couples with significant wealth, and especially for the financially weaker party, who stands to lose more from a spouse’s asset-hiding.
Because divorce is a complex and emotional undertaking, many people in Florida risk making mistakes that could adversely affect them for years to come. Instead of approaching the situation rationally, they may turn to friends who may serve only to stir up their emotions. As a result, they may jeopardize their financial future by failing to protect their rights during property division.