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Know Your Spouse

Though this story invovles wealthy New Yorkers,  the point it makes for any divorcing couple is important- Know your Spouse. Daniel Shak claims that he never realized his wife, Beth Shak, owned a shoe collection worth over $1,000,000.00. You can see the story here:

The important lesson to take away from this story, is to know your spouse. Your attorney, while he or she will investigate and learn as much about you and your spouse as possible, attorneys cannot know everything. You, as the client, have to have a general idea of what your spouse has, or at the very least, what their interests are. You can’t honestly tell me that Mr. Shak didn’t realize that his wife had a bit of a shoe shopping hobby. The article mentions that the collection was once featured on MTV.

In your case, its not likely that you will have a million dollar asset to hide as Ms. Shek did but your husband might have an old baseball card, coin, or even stamp collection that maybe a valuable marital asset. Gentlemen, your wife might have a million dollar shoe collection, rare books, or a doll collection worth a suprising amount of money. Attorneys will not know about these kinds of assets unless you do!

When contemplating divorce, don’t just think of the cars, bank accounts, and homes as the only assets your and your spouse may have. Remember that your spouse’s hobbies may have generated substantial marital assets. If you are contemplating divorce, please contact us for assistance.

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