Individuals in Michigan who are going through a divorce might wonder what property their spouse may be able to claim. For example, one 61-year-old woman in California was the main breadwinner in her relationship for about 10 years before seeking a divorce. Her husband would not share financial information with her attorney even though she turned over financial records to his attorney. He told his wife he wanted the entire home and half of her 401(k). His wife also believed he was hiding assets.
While this happened in a community property state, where joint marital assets are generally considered to belong to both people, it is unlikely that a judge would simply give the husband the home in any state unless it belonged to him prior to the marriage. The husband may have a claim on a portion of the retirement account. Divorces among older couples have nearly doubled since the 1990s, and it is more likely that couples in this age range will have more substantial assets than younger couples.
A person in this kind of situation is likely to document what is happening and discuss the situation with an attorney. A forensic accountant may be able to locate hidden assets.
In a high-asset divorce, there might be a number of properties that need to be divided. For example, the couple may share real estate in other states or countries, investment accounts or valuable collections. Some couples might share a business, and they will need to decide whether they want to keep running it after the divorce, sell it or have one owner buy out the other. The couple might be able to successfully negotiate a settlement with the help of an attorney instead of going to court.