We are essential, and so are you! Our firm is still open for business and accepting new clients. To protect your safety in response to the threats of COVID-19, we are offering new and current clients the ability to meet with us via telephone or through video conferencing. We also have masks available upon request if you need to visit the office. Please call our office to discuss your options.
  1. Home
  2.  » 
  3. high asset divorce
  4.  » Could an unexpected transfer of money mean divorce?

Could an unexpected transfer of money mean divorce?

| Oct 21, 2017 | high asset divorce

When one spouse transfers or hides marital assets, this could be a sign that the spouse who is being secretive is considering filing for divorce. If this occurs, it may be a good idea for the other spouse to speak to an attorney and begin gathering financial records. Minnesota is not a community property state, which means that a judge will divide property in a divorce according to principles of fairness.

There may be other reasons that a spouse is transferring money to other accounts without his or her partner’s consent. For example, perhaps one partner has been irresponsible with money in the past or has made bad investment decisions. Regardless of whether a sudden transfer of assets means an impending marital breakup, it is a good idea for anyone who is facing a situation like this to locate the transferred assets and create new accounts that require the permission of both partners for any future withdrawals.

In community property states, all property acquired during the marriage is considered marital property. Any funds transferred into a separate account would still be considered owned by both spouses. In equitable distribution states, a judge can consider the actions of both spouses when making decisions involving property division.

It is a good idea for a person who believes a divorce may be filed in the near future to consult an attorney. An experienced high asset divorce lawyer may be able to help a client keep more property by making sure that the other spouse fully discloses what property the parties own and by arguing why it is fair that the property should be divided in the way that the client desires.