In the case of one couple’s divorce, the assets turned out to be vastly understated. The husband was apparently making about $43,000 a year. Part of that income was then paid out in child support. A few years later he discovered that his wife invested in Twitter, and the investment then grew into the millions of dollars.
The husband is now suing the former wife. He claims that she secretly invested between $10,000 and $50,000 after meeting with her first husband. The first husband was an acquaintance of one of Twitter’s co-founders. She was also attending business meetings with the creators of Twitter.
Any alleged investments apparently were never brought up during the divorce settlement that took place back in 2007. While at the same time the investment apparently made the wife between $10 million and $50 million, the husband paid out $120,000 in child support. He is suing for repayment of that child support and 30 percent of the Twitter shares.
Whether the husband has a case likely will depend on how the stocks were purchased. If the funds used to purchase the stock were from her money she brought into the marriage, the husband may have a more difficult time in making his case. Still, the burden will likely be on the wife in proving that any asset obtained during the marriage would not be marital property. Also, the wife may be exposed to liability for not declaring an asset purchased at the time of the marriage in her divorce papers.
Unfortunately, spouses sometimes attempt to hide their assets when it comes to property division and divorce settlements. Every state handles property division somewhat differently. For New Jersey clients facing a stressful divorce, finding a family law attorney who understands New Jersey law is essential when it comes to property division. If a matter is thoroughly investigated, surprises like the one mentioned above may be avoided.
Source: Yahoo News, “Ex sues former wife over hidden Twitter stock,” Jay Hart, Nov. 28, 2013