North Tampa Legal Group, PA

The value and importance of financial disclosure in divorce

On behalf of North Tampa Legal Group on Friday, June 22, 2018.

For most Florida couples, the end of a marriage will signal the beginning of significant financial adjustments in their lives. You understand the significance of the financial ramifications of a divorce, and you are aware of the critical importance of having a fair and equitable property division agreement and final order.

One of the most important steps in securing a fair financial agreement is the cooperation and honesty of both spouses. During the divorce process, both spouses will have to disclose their finances, including income, assets and various accounts. This is a major factor in ensuring there is an equitable distribution of all marital assets.

What can you do when your spouse is dishonest?

There are times when a spouse may be less-than-honest about what he or she has or earns in order to keep more property. Hidden assets are a relatively common problem in many divorces, especially when one spouse may not know much about the finances or there is significant financial discrepancy between parties.

If you suspect your spouse is attempting to hide assets in order to keep you from your rightful share of marital property, you have the right to take action to protect yourself and your future interests. With experienced legal guidance, you can take the following steps:

At the beginning of divorce, both parties will give a voluntary disclosure of all assets and income. The first step is to carefully and thoroughly review this document to identify potential problems.

If there are problems with the voluntary disclosure, you can take steps to legally compel the other party to provide an involuntary disclosure. The other party has to answer this request honestly and in a timely manner.

Through a deposition, you can get information from your spouse regarding assets and money. If this step is necessary, he or she will have to legally swear to tell the truth.

Hidden assets is a complex financial and legal concern. You would be wise to have qualified guidance as you navigate these concerns.

Fighting for a strong financial future

During divorce, your financial future is on the line. If you suspect hidden assets, you can take specific measures to shield your interests, obtain a fair order and secure the assets to which you have a rightful claim.

One of the first steps in identifying and finding hidden assets is to seek a complete evaluation of your case and explanation of your legal options.