This divorce is something to tweet about.
A New York man is alleging that his soon-to-be ex-wife unfairly hid marital assets in the months before their divorce, accusing the woman of secretly investing in the tech giant Twitter. The woman is accused of hiding the fact that she was a first-round investor in the communications juggernaut. Even though she likely has received a hefty sum in exchange for her initial investment, she is accused of pressuring the man for child support that he could not afford.
The story is a cautionary tale for those who share too much on their social media sites during and after their divorces. In this situation, the man found out that the woman was an early investor in the company thanks to her LinkedIn profile page, which he was viewing on his own time. The woman allegedly invested in Twitter just months before the couple divorced in 2006. By 2007, the company was gaining serious financial traction.
In this divorce, both parties were required to fully disclose their holdings to a New York matrimonial judge. The man alleges that his ex-wife committed fraud by failing to reveal the financial investments. He is seeking $120,000 in repaid child support payments, along with a one-third share in the Twitter holdings. The man currently pays $2,465 monthly in child support, which he says is three times the legal limit for someone in his financial situation.
Spouses who fail to fully disclose their financial holdings during a divorce proceeding may be subject to significant fines and penalties after their misdeeds are discovered. Even though these omissions might be inadvertent, they can still lead to money woes down the road. Divorcees are encouraged to be honest about their assets, disclosing their financial situation in detail to avoid future litigation. Those who are not honest during property division proceedings stand to lose far more after the fact than they would by owning up during the actual divorce.
Source: nypost.com, “Ex bitter over Twitter stock sues” Julia Marsh, Nov. 26, 2013
