Arizona social media followers may already know that Twitter recently went public with its stock. When that happened, anyone that had shares before Nov. 7 stood to gain a substantial amount of money. One such investor allegedly failed to disclose the fact that she even owned shares of stock in the social media site during her divorce. Her now ex-husband claims she withheld the existence of her shares while asking for child support that was not in line with his earnings.
He has now filed suit against his ex-wife, claiming the shares were marital property and should have been divided during the divorce. He is asking for $120,000 in damages and 30 percent of her shares. In his suit, he claims that she lied to him not only about the existence of the shares, but the circumstances under which they were purchased. He says she claimed to be going to California to visit her brother, but the real purpose of the trip was to purchase the stock.
It remains to be seen how the court will rule in this case. However, in most states, including Arizona, full disclosure of financial assets is required as part of a divorce. If the court finds that this man’s now ex-wife failed to disclose the existence of the Twitter shares as part of the financial disclosures in the divorce, he may be awarded some financial relief.
Financial disclosures are also an important aspect of child support calculations. The amount of support each parent pays is based on the income of the parties as well as other factors. If one party wishes to modify an existing child support order, it is generally necessary to show that there has been an appreciable change in one or both parties’ circumstances. A substantial change in income could prompt a modification of previously ordered support.
Source: New York Daily News, Twitter investor hid earnings from Brooklyn husband while seeking child support: suit, Barbara Ross and Corinne Lestch, Nov. 27, 2013