355 Austin Circle, Suite 110, Delafield, WI 53018
Search
Facebook Twitter Linkedin

262-303-4916

Bucher Law Group, LLC

How Can Hidden Assets Be Uncovered in a Wisconsin Divorce?

Posted on in Divorce/Family Law

Milwaukee County divorce lawyer hidden assets

There are many reasons why couples divorce. Maybe they realized they were better off just as friends, or perhaps someone’s needs were not being met. Whatever the circumstances, the divorce process is almost always more difficult and more complex when there are hostilities between the spouses. It is not uncommon for one spouse to have sole responsibility for the bills or finances. Divorcing with less-than-amicable feelings can sometimes cause that spouse to attempt to hide assets out of spite or anger. Not only is this untruthful, but it is also illegal and can carry some serious consequences. 

Requirements for Financial Disclosure

During a divorce, Wisconsin courts require both spouses to be fully transparent about their finances. All assets owned fully or partially by the individual spouses and all assets owned jointly between the spouses must be disclosed. This includes assets such as:

  • Real estate

  • Savings accounts

  • Stocks and bonds

  • Mortgages and notes

  • Life insurance

  • Retirement accounts and/or benefits

  • Interest in any businesses

  • Tangible personal property

  • Any vested or unvested future interests

In addition, each spouse is required to disclose any and all debts or liabilities, whether they are individual or joint. The spouses may also be required to furnish income statements and tax returns.

What to Do if You Suspect Your Spouse Is Hiding Assets

During the discovery phase, which takes place at the beginning of the divorce process, both spouses provide each other and the court with all of their financial information. At this time, you have the right to ask your spouse questions about any assets and the financial information they have provided, such as their income and expenses. Wisconsin law requires spouses to completely disclose their finances, and deliberate failure to completely provide this disclosure is considered perjury. This means that if your spouse attempts to hide assets, they could face criminal charges, or, at the very least, they may be held in contempt of court.

In addition, Wisconsin law states that if a spouse intentionally or negligently fails to disclose information or assets with a value of at least $500, the other spouse may request the creation of a constructive trust. This trust would hold all of the assets that your spouse failed to disclose, and both you and your minor or dependent children may be named as beneficiaries of the trust. The court will determine the terms and conditions of this trust.

Contact a Waukesha County Divorce and Hidden Assets Attorney 

It is not uncommon for a spouse to attempt to hide assets during a divorce case, especially if that spouse controlled the family's finances. If you believe that your spouse may be keeping financial information from you, you should immediately contact a Waukesha, WI divorce lawyer. At the Bucher Law Group, LLC, we will work with you to ensure you receive your fair portion of the marital assets. Do not hesitate; call our office today at 262-303-4916 to schedule a free consultation.

Sources: 

https://docs.legis.wisconsin.gov/statutes/statutes/767/II/127

AVVO SuperLawyers BBB Thervo 2017 Martindale Hubbel City Voter List
Back to Top