Why Full Financial Disclosure Is Required During A Divorce
Full financial disclosure is an important part of a divorce. This involves both partners disclosing all information pertaining to their assets, debts, expenses, and income. Failing to disclose all of this information can lead to unfair settlements. Because the procedure for full disclosure varies from state to state, you should speak with a divorce lawyer about what steps you should take.
Full Financial Disclosure is Always Required
Even when you have reached an agreement on your on, you will always need to engage in full financial disclosure because the courts will review your finances to make sure that everything is fair.
Divorce Lawyers Can Help with the Process
Gathering all the financial documents you need to go through the divorce process can be difficult and time-consuming. Also, if your partner handled the finances, you may not know where financial documents and data is stored. Your divorce lawyer can help you track down all essential information.
Your financial statements fall under the penalty of perjury. Therefore, you must make sure that all of your financial statements are accurate and up-to-date. For example, if you owe debts, you must make sure that you can provide the most recent balance owed while accounting for any interest that has accrued and what you have paid off.
Items to Include on the List
Include everything that you own. Make sure to include items that are jointly owned. Also, personal property that you obtained before getting married should be included. All of this information is compiled into a financial affidavit.
What if My Spouse Has Incorrect Financial Information
If the information on the affidavit is incorrect, you may challenge it. Then, your spouse might be held in contempt of court and your spouse might also face monetary sanctions. You may also receive document requests and interrogatories. The interrogatory is a question that you must answer in writing. You must also provide documents that are related to the questions asked.
The Benefits of Full Financial Disclosure
If your ex partner does not want to turn over financial documents, this can be a sign that he has something to hide. Your divorce lawyer will not accept the value of an asset simply because your ex partner insists that the asset is worth a specific amount. You will need to receive conclusive proof so that the settlement you receive is fair as you and your ex-spouse divide your assets.
