What to Know About Financial Disclosures During a Divorce
During a divorce, each spouse must disclosure certain financial information to ensure each party has full knowledge of the other’s finances. Examples include bank statements, mortgage statements, tax returns, pay stubs and statements for brokerage and investment accounts. In addition, each party must provide a Statement of Net Worth which is a document, signed before a notary which details your monthly expenses, income, assets and debts.
All this information is important because it helps judges make informed, fair decisions regarding child support, maintenance and the division of marital property. It also helps prevent spouses from deliberately misrepresenting their finances to get a better outcome in the case.
Ultimately, the requirement to make these financial full disclosure prevents each spouse from being taken advantage of, so it is in your best interest to fully comply and expect your spouse to do the same.
If you do not disclose assets during a divorce, your spouse can return to Court after the divorce the division of assets that were not disclosed. Additionally, if income is not disclosed, support can also be recalculated.
For more information on financial disclosures during a divorce case, speak with a trusted family law attorney at Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia, LLP.