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What do your tax schedules say about your marital property?

Regardless of how your spouse is trying to hide assets during your Michigan divorce, it is absolutely essential that you uncover them so that the distribution of your marital property is truly fair. One way to find them, according to Forbes magazine, is by examining your joint tax returns.

Your federal tax returns for previous years may be accessed by requesting copies from the Internal Revenue Service, or you may have a tax preparer who you can turn to for these records. It may not be free to secure the documents, but you have just as much right to them as your spouse does, and the cost may be negligible when compared to the amounts uncovered.

Schedules B, D and E are the forms that may prove profitable to review. B includes information about interest and dividends from the following types of accounts:

  • Bank accounts
  • Foreign trust transactions
  • Foreign bank and financial accounts
  • Mutual funds

On a Schedule D, you might discover that your spouse has sold individual stocks, fund shares or other assets because it includes the capital gains and losses on it. Schedule E shows income that your spouse may have made from an S corporation or partnership, royalties, rental properties, trusts and estates.

The information you glean from your 1040s may not give you the full picture. If you discover that you have been kept in the dark in any of these areas, though, you may have enough evidence to consider hiring a professional to investigate in more depth. While this may give you an idea of places your spouse may be attempting to conceal assets, the information is general in nature and should not be interpreted as legal advice.

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Lorrie J. Zahodnic

"I will hold you up until you can stand on your own two feet."

Lorrie J. Zahodnic, P.C. has provided skilled and compassionate legal guidance to Michiganders in family law matters for over 20 years.

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