How important is it to disclose all assets during my divorce?

On Behalf of | Sep 6, 2017 | high asset divorce

When two Floridians take the plunge and unite themselves together in marriage, they are doing more than creating a legal bond. In many cases, marriage means comingling assets, sharing in each other’s wealth and working together through each other’s hardships; taking on each other’s responsibilities while sharing in each other’s windfalls. Marriages often have a financial component that is guided by the actions of the partners to the couples, and when marriages end in divorce, the economic matters to be settled can therefore be significant.

In many divorces, the division of property and the settlement of support matters are paramount to the parties. In order to assess the relative financial positions of the parties courts sometimes ask individuals to list or inventory their assets and liabilities so that the courts can determine the likelihood that the parties will be able to support themselves after their marriage is over. These disclosures provide courts with clear pictures of where the parties stand and if either should receive support from the other after their union has been dissolved.

If a party to a divorce knowingly conceals assets or chooses to omit property on their disclosure to the court then the outcome may be bad for them. Hidden assets and those left off of disclosure statements may form bases for the wronged party to take the other to court in order to receive financial distributions of them. The parties to a settled divorce may have to return to court to litigate property matters if one or both of the parties commits errors on their divorce-related financial and property documents.

Divorce attorneys are well versed in providing their clients with legal guidance on how to avoid this very difficult complication. To learn more about the financial aspect of pursuing divorce readers are asked to reach out to their family law attorneys.