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Hidden Twitter assets snarl property division efforts

Disclosing all marital assets when addressing asset division during a divorce is important because it can affect the future financial situation of both spouses. Residents in St. Charles, Missouri, may relate to the interesting story of a 47-year-old man who sued his ex-wife after he found out online that she allegedly secretly invested in Twitter stock while they were still married and failed to disclose this during the divorce.

According to the New York Post, before filing for a divorce in 2006, the wife secretly bought thousands of dollars in Twitter stock as a first-round investor through personal connections to the founders of the Internet social media site. The former spouse stated that he stayed at home and looked after their children while his wife, supposedly visiting family, met with the owners of Twitter. He also contends that the original Twitter investment money was part of marital property.

The divorced father of twin 9-year-old sons said his child support exceeds the legal requirement given his income and is demanding $120,000 in child support be returned and he be given 30 percent of his ex-wife's Twitter shares, currently worth millions.

Although property division can be complicated, it can help spouses start over after a divorce. Property obtained during the marriage does not necessarily mean that it is marital property. Legal ownership of property depends on how it was acquired. The success of this case will rest upon proof that the company shares are marital assets.

A legal professional can help a spouse determine which assets are marital property. Additionally, a legal professional can help determine whether a spouse is hiding some assets and determine if legal action is necessary.

Source: New York Post, "Ex Bitter Over Twitter Stock Sues," Julia Marsh, Nov. 26, 2013

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