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dkennedy
dkennedy, Attorney at Law
Category: Family Law
Satisfied Customers: 6009
Experience:  JD Degree, Social Service Experience, Child Support Officer
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Im in a hell of a mess. My husband had planned to leave me

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I'm in a hell of a mess. My husband had planned to leave me for 2 years (he wrote this on Match.com) so in the process, he spent all of our money, racked up thousands of dollars of debt, obtained and furnished an apt. before he moved out of the apt. we shared. He's a Certified Financial Planner with family to help him with money also. My family does not have money, my grandmother gave me $174,000 in an inheritance and I stupidly let my husband "manage" that money for me. He was supposed to put it into my name only at UBS, where he worked at the time, but he put it into BOTH of our names. I told him to put it into a risk-free fund to be there for any children we have and/or a home we may buy in the future. He didn't do that...he put it into risky funds, played the market with it, and lost it all. Once in a while he would bring paperwork for me to sign, but I was always so busy with the new baby or he'd brush it off as "nothing" just something you need to sign "quarterly" and I would sign. Obviously, he was having me sign it away or to him or god knows what else.
Does the fact that i wasn't explained what I was signing explained to me or that I trusted my husband/financial advisor any way to recover my money?
Submitted: 5 years ago.
Category: Family Law
Expert:  dkennedy replied 5 years ago.

dkennedy :

Hello,

dkennedy :

I think your description of your problem is quite accurate. The first things you must do, and please please please believe me on this--is to hire a lawyer. You cannot do this alone.

dkennedy :

Your lawyer must immediately file for divorce if your husband has not done so. But, a divorce must be opened ASAP! Then, your lawyer needs to file for an Emergency Injunction to Freeze all Marital Assets. Then, he or she (your lawyer) must get a complete accounting of all the financial dealings that he has engaged in during your entire marriage. I have the feeling this money is not gone, but rather hidden in accounts, perhaps even offshore. Get a lawyer that has experience in digging up these assets. There are also private companies that specialize in finding these things for people who are getting divorced. But, you find out what he has! I have a feeling he's loaded and with your money.

dkennedy :

Wait to report him to the Board. You might have lots more to report than you have now.

Customer:

Oh, he filed for divorce all right...we've been going at it since early august...and a hell of a custody battle too!

Customer:

I already saw a $50,000 that was opened without my knowledge and think his father and sister are hiding money for him. He just started working for his father so his daddy can pay him anything he wants and is claiming that he only makes $3,000 a mo!!! HA!

Customer:

do you think the board will help me?

dkennedy :

Well then, you get your attorney on the freezing the assets thing, and also getting into what he has done with the money. This is not a regular divorce where one lawyer sends a list of questions to the other guy. This involves an in depth investigation into these matters. He could have a million dollars hidden. It might also be helpful to take sworn depositions of the father and sister and ask them about their finances. You can do it in a civil matter like this! Oh, I wish I was there to work with your attorney!! We could kick his lying A**!!

dkennedy :

Sorry, I've had a trying day, and anxious for a fight!! lol

Customer:

Where are you?

Customer:

The judge froze the assets...then, the next day he asked me (my husband) if he could liquidate everything because of the market. I said, "NO"...he did it anyway. Something that my first attorney didn't do anything about yet.

dkennedy and 3 other Family Law Specialists are ready to help you
Expert:  dkennedy replied 5 years ago.

I am in the Midwest. The cold, yukky midwest. Anyway, when it is discovered how much he took, he can be ordered to pay you back. Why in the world, would the judge ask that assets be liquidated before you even know what he has and what he took?

You know what Bette Davis said, "Fasten your seat belt. It's going to be a bumpy ride."

Customer: replied 5 years ago.

No, no...sorry, I meant that MY HUSBAND asked ME if he could liquidate the assets and I said No. He did it anyway. The $80,000 in the acct. turned into $35,000 (after fees, taxes, penalties, etc... were paid) and he gave me half. So I wound up with $17,500. He claims that he had a "fudiciary duty" as my financial advisor to do this. I don't know if the board will see it that way.

 

 

Expert:  dkennedy replied 5 years ago.

I don't know much about the regulations of the board, but I do know that as your spouse, I think that might even be some sort of conflict of interest to be your "financial adviser" when, ostensibly, he could be managing you out of your spousal share of the property.

I do think you have an excellent case for him to be sanctioned by the court for disposing of assets in that way. The only think I would caution you is that the board might not be inclined to investigate this as they normally would because it is in the middle of an ugly divorce. They usually want to stay out of matters like that.

I think you have a good chance at "getting him" in the divorce. and then when you have it all down in documents and court orders, you could send the whole thing to the board. I would be reluctant to advise you to do it now.

But discuss it with your own attorney of course.

dkennedy and 3 other Family Law Specialists are ready to help you