The number of couples getting divorces later in life is somewhat staggering. Their reasons for doing so are understandable, however, as no one really wants to spend his or her retirement years in an unhappy marriage. The problem that family law attorneys in Ohio and elsewhere are seeing with gray divorces, though, is spouses trying to hide assets. This can result in an unfair settlement and greatly impact one’s future financial situation.
The sad reality of the matter is that hiding assets is pretty easy to do. A spouse may doctor documents or simply fail to provide them for review. With everything else going on during the divorce process, the missing assets may go by unnoticed.
If one did not take an active role in marital finances, that person may not know where to look or even know how much to be looking for when reviewing assets before division. However, there is usually a paper trail, particularly with retirement account funds, so hidden assets can be uncovered. If something about the property list seems off, it’s possible to work toward locating any missing assets with the assistance of legal counsel and accounting professionals
Getting a fair division of assets is what any reasonable person wants when getting a divorce. This is especially true when coming up on retirement years. The dissolution of marriage will take a toll on one’s financial state, so making sure one gets his or her fair share of marital assets is vital for future financial stability. A family law attorney can assist Ohio residents in finding any hidden assets and securing equitable divorce settlements.
Source: Forbes, “Get Divorced In Or Near Retirement? How To Know If Your Ex-Spouse Hid Money From You“, Robert Laura, May 31, 2017