Disclosing assets during a divorce

On Behalf of | Oct 25, 2018 | high asset divorce

Going through a divorce can mean giving out a lot of information about one’s financial situation and property holdings. Ending a marriage is only one of the legal matters that is addressed during the divorce process, as courts must also contend with support needs, property divisions, and child custody plans. In Florida, a person may be subject to discovery efforts to ensure that they have fully disclosed all issues that may be relevant to the divorce.

In the context of the property settlement process, discovery can include questions, documents, and other tools for the parties to use to make sure they have made all of their assets and liabilities known to the divorce court. They may be asked to list the accounts, parcels of real property, and personal property that they own with and without their spouses. If there are questions, they may be subjected to interrogatories about their property, how it is owned, and if there is anything missing from their disclosures.

Discovery can play an important role in the property settlement process of divorces because it helps protect individuals against their spouses’ attempts to hide property. A person may be inclined to hide property from their soon-to-be ex, so that they may retain its value outright; this is not permissible, and courts seek to avoid this dishonest practice during property settlements.

Responding to discovery requests can be time-consuming and confusing. Individuals who choose to end their marriages with the help of divorce attorneys can work to ensure that their discovery requests are properly answered and that full disclosures are made of their marital property.