Disclosing all of your financial assets is a mandatory procedure in every divorce filed in Michigan. The Court requires both parties to complete and exchange financial forms in a process called “discovery.” The idea here is that both parties should have a complete understanding of the extent of marital assets and debts in order to determine how the marital estate should be divided.
One of the most common questions a divorce attorney comes across: “Do I need to tell my spouse about an account if it’s in my name only and they do not know about it?” The answer is yes. “What about real property?” Again, the answer is yes. “How about valuable personal property items?” Once more, the answer is yes. Whether property is subject to division does not depend on how the property is titled. It certainly does not depend on whether your spouse knew about the asset. The important inquiry is whether the asset or debt in question was bought/earned/incurred during the marriage.
Disclosure is one of the most important aspects of the divorce case and a crucial part of coming to an equitable resolution. You should consult with an experienced attorney if you have questions about disclosing financial information.