Consequences of Deceitfulness During Divorce Settlements

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New York is an equitable distribution state, meaning that the marital property will be divided between spouses in a way that is equitable, or fair. The court will decide what is fair based on a set of factors that show what each of you contributed to the marriage and what each spouse will need to move forward after the divorce. The division of assets does not have to be equal to be considered fair. Marital assets would include all property acquired during the marriage, including income, expenses, and debts. Many people often feel compelled to protect their assets by omitting them on their financial statements. However, lying on your financial statement is never a wise idea. It is a legal requirement of all divorcing couples that each spouse must openly and honesty disclose all marital assets; “In all matrimonial actions and proceedings in which alimony, maintenance or support is in issue, there shall be compulsory disclosure by both parties of their respective financial states.” Domestic Relations Law § 236 B(4).

Whether due to carelessness or deceitfulness, parties often face real life consequences for failing to provide truthful information on their financial statement. Financial statements are signed under the penalties of perjury as true, accurate, and complete statements of all your income, expenses, assets, and liabilities. If a settlement is reached and it is later discovered that a particular asset was omitted from your financial statement, the settlement could bee voided for fraud, and the asset awarded to your spouse. (see, avvo.com). In other words a spouse may recover damages if the failure to disclose assets has impaired their interest in the marital property.

There is no doubt that the best way to have a quick and reasonable divorce settlement is to provide a full and honest disclosure of your assets. If you’re looking to settle your divorce or you feel that your spouse is being dishonest, Long Island Attorney Jay D. Raxenberg can help!

Source: www.divorcenet.com ; Forbes.com: “Five Ways To Tell If Your Husband Is Hiding Assets” by Jeff Landers; www.avvo.com; Domestic Relations Law § 236 B(4)

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