Divorce can be an emotionally draining process, as you’ll not only have to mourn the loss of this relationship and navigate the impact it can have on your life, but it can also drastically impact your finances. Unfortunately, many are unaware of their rights regarding their finances during this process. One such matter that is incredibly important during a New Jersey divorce is financial disclosure. If you’re unsure what this means or what information you must provide, you’ll want to keep reading. The following blog explores this matter in further detail, including the steps to take if you believe your spouse is concealing assets, and the importance of working with a Somerset County divorce attorney to help you through your divorce.
What Is Financial Disclosure, and Why Is It Important?
When you file for divorce, it’s important to understand that both you and your spouse are required to provide transparency regarding your assets. As such, full financial disclosure is required to ensure that the distribution of assets during a divorce is fair for both parties.
In order for a disclosure to be valid, the party must detail all assets and liabilities, as well as their income and typical monthly expenses. Generally, each party must submit a sworn statement including this information and supporting documentation. Additionally, any changes in finances must be immediately reported to the court.
If you are going through a divorce, you’ll need to provide a comprehensive list of the following:
- Income: Includes wages, tips, bonuses, or commissions. Additionally, any income earned through means like renting a second property must be included.
- Assets: All real estate, financial accounts, retirement plans, insurance policies, personal possessions, investments, and vehicles must be reported.
- Debts: You must report all liabilities, including loans, mortgages, credit card debt, student loans, medical bills, and any other debt in your name.
What Should I Do if I Believe My Spouse Is Concealing Assets?
Financial disclosure is critical to ensuring that your divorce is as fair as possible. As such, if you have reason to believe your spouse is concealing assets in order to receive a better outcome during this process, it’s critical to connect with a lawyer as soon as possible. In many instances, a spouse will purposely fail to report an asset, manipulate its value, or even transfer an asset to a friend or family member during the divorce. However, this is in direct violation of the order of the court, so it can lead to legal consequences.
If you believe your spouse is hiding assets, working with an attorney is critical. They can review the documentation submitted by the other party to look for inconsistencies that point to fraud. Additionally, your attorney can assist you in inventorying and reporting your finances so you can ensure that your financial disclosure is accurate and free from errors that could lead to delays or legal trouble.
At the Siragusa Law Firm, our team understands that going through a divorce can be incredibly overwhelming. That is why we are committed to helping you through this process with as much ease as possible. When you need help, our firm is here. Contact us today to learn how we can represent you during these difficult times.