Sometimes people who are facing a divorce are concerned that their husband or wife will simply refuse to transfer assets or somehow avoid it. This is a particular concern for the spouse that has the lower income or where the other spouse has always had control of the finances and retirement accounts. In some of these situations, the other spouse will refuse to provide even basic information or account statements. Other cases there are situations where one spouse will hide all of the statements or lock all the financial information away in a cabinet that the other spouse does not have access to.
Forcing Division and Transfer of Property in a Divorce
Fortunately there are many ways that the attorney is able to determine where the money is invested and the value of those investments. Then the court, in the judgment of divorce that is entered at the conclusion of the case, will order a division and transfer of half of these financial assets that were earned or half of the increase in the value of the assets depending on the situation. If the spouse in control of the finances refuses to transfer the appropriate share to the other party, then the court has the power to take further assets or even put that party in jail.
In a recent case, Sicher v SIcher, Michigan Court of Appeals Case No. 341411 (March 21, 2019), the ex-husband failed and then refused to transfer to the ex-wife her appropriate share of the IRA accounts. The ex-wife filed a motion to enforce the judgment and the trial court ordered the husband to immediately complete the transfer, awarded the ex-wife all earnings and interest earned on her share as well and denied the ex-husband six thousand ($6,000) dollars that he claimed the ex-wife owed to him. The appellate court affirmed the trial court and the ex-husband transferred the funds as well as all earnings and interest owed on the ex-wife's share.
Working with Oakland County, Michigan Property Settlement Attorneys
Property and debt division is an important aspect of virtually every divorce. In many cases there are spouses that are reluctant at best to give up what they see as their property or financial assets. A good divorce attorney will be able to handle this situation and provide the necesarry assistant to ensure that there is an equitable division of those assets. If you are concerned about a potential property settlement issue, it is very important to have good representation that can help you. Contact North Oakland Michigan Divorce Lawyer, Cameron C. Goulding, to schedule a consultation by calling (248) 608-4123, by email at [email protected] or through the northoaklandmichigandivorcelawyer.com website.
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