Finances are a point of contention amongst many married couples. When this is the case, it can become even worse when a couple divorces. During a divorce, you may be tempted to keep your finances to yourself. After all, finances are typically private anyway. Every state has its own laws that govern what financial information couples have to release during divorce proceedings. You must comply with the court when asked for a financial disclosure.
Which Financial Disclosures Are Required?
In divorce proceedings, both parties need to disclose financial information. At the end of the process, there will be an order on how your assets and liabilities will be split. Also, if either of you has to pay spousal support, this will be included at the end of the divorce.
In order for a judge to make the decisions necessary in your case, he or she needs access to different financial documents. All of your information must be accurate. The type of information that you need to disclose includes:
- Business assets
- Checking accounts
- Savings accounts
- Retirement assets
- Investment accounts
- Life insurance accounts
By no means is this a complete list of all of the information that you need. You must include any and all of your finances in your disclosure. If you forget any of your income or assets, you could be in trouble.
Will There Be Consequences for Incorrect Disclosures?
If you are like most people, you may be wondering if there is a chance that you can hide your assets. Would anyone notice if you did not disclose all of your information? In most cases, the courts will see discrepancies in your finances. If you are found to be hiding assets, you could face serious consequences. This is considered fraud. If you try to hide your assets, your spouse could be awarded a larger settlement. You could lose more of your money than you would have had you been honest.
If you are in the middle of a divorce, it is important that you disclose all of the information that the courts ask for. To help make sure that you don’t forget to disclose anything and that you stay on top of all of your paperwork and deadlines, talk with an attorney beforehand. For more information about financial disclosures and the necessary paperwork you have to file during a divorce, talk to a family lawyer, like divorce lawyers in Arlington, TX from Brandy Austin Law Firm, PLLC, today.