Unfortunately for many couples, one of the most contentious aspects of getting a divorce revolves around finances. In many instances, when dividing assets, one spouse may feel as though they are not getting enough or that their spouse got more than they deserve. As such, it’s imperative to understand how Florida divides assets and the importance of financial disclosure during the divorce process. If you’re unsure what this disclosure is or why i;s important, you’ll want to keep reading. The following blog explores what you should know about these circumstances and why it’s in your best interest to work with Tampa property division lawyers to assist you in these matters.
What Is Financial Disclosure and Why Is It Important?
When you go through a divorce, the court will examine all of your assets and liabilities to ensure that they can fairly divide your marital property between you and your spouse. As such, you’ll be required to fully disclose and submit documentation of all assets, debts, income, and monthly expenses.
Financial disclosure is imperative, as it allows the courts to determine what assets are marital and which are separate property. This then allows the court to ensure that marital property is divided in accordance with Florida’s equitable distribution statute, which divides marital assets based on each spouse’s contributions to the marriage, rather than an automatic 50/50 split. In addition, this helps ensure that other financial matters, like alimony and child support payments, are fair.
What Should I Do if I Believe My Spouse Is Concealing Assets?
If you have reason to believe your spouse is concealing assets to obtain a more favorable financial outcome during your divorce, it’s critical to understand your rights. In many instances, a spouse who wishes to retain an asset, whether it be property or money, may take steps to hide it from their spouse and the court. This commonly entails intentionally failing to report the asset, intentionally undervaluing it, or transferring it to a friend or family member for the duration of the divorce.
If you believe your spouse is concealing assets, it’s imperative to connect with an experienced attorney as soon as possible. They can examine the documents submitted by your spouse to look for inconsistencies in their financial disclosure statement. For particularly complex or high-net worth divorces, your attorney may enlist the assistance of a forensic accountant who can help uncover fraud attempts.
As you can see, financial disclosure is incredibly important to the outcome of your divorce. That is why it is critical to ensure you provide correct information. If you are ready to file, working with the team at Tampa Law Group is in your best interest. We can assist you in navigating these difficult times to help ensure you submit all required information to avoid unnecessary delays or errors in your case while ensuring the information your spouse has submitted is accurate. Contact us today to learn more.
