Unfortunately, divorce can often bring out the worst in some, as they may feel betrayed, angered, and hurt by their spouse’s decision to file. This is especially true in regards to finances, as some may take steps to prevent their spouse from receiving their portion of funds during the property distribution phase. As such, to help minimize these issues, the courts require full financial disclosure to fight for the best possible outcome during these difficult times. If you are unsure what information is required during this process or you have reason to believe that your spouse is hiding assets, you’ll want to keep reading. In addition to exploring these matters, the following blog also covers the importance of working with a Long Island property division lawyer to help you recover the compensation you deserve.
What Is Financial Disclosure?
When you file for divorce, one of the most contentious aspects for many couples is finances. In New York, the courts divide marital property in accordance with the state’s equitable distribution law. Under this statute, the state is required to divide assets according to each spouse’s contributions to the marriage, both economic and financial. This means the courts do not automatically divide assets evenly between spouses, as their circumstances may not warrant equal distribution.
However, some may attempt to hide or conceal assets to obtain a more favorable financial outcome during the divorce. This often entails failing to report property, underreporting income, or transferring assets to friends and family for the duration of the divorce. To avoid this, the courts require full financial disclosure, including the submission of important documents to help verify information. The courts and each party will examine the documents to look for inconsistencies and ensure all records are accurate.
As such, during a divorce, you are required to provide documents regarding your assets, income, debts, and monthly expenses.
What Can I Do if I Believe My Spouse Is Concealing Assets?
If you believe that your spouse is concealing assets to receive a more favorable outcome during your divorce, it’s important to understand your legal options. Generally, the most important thing you should do is connect with an experienced divorce attorney to assist you through these difficult times. Your attorney can assist you in reviewing the documents submitted by your spouse to look for inconsistencies or evidence of fraud. Additionally, for particularly complicated and high-net worth divorces, your attorney can utilize the skills of a forensic accountant to help them gain information to challenge your spouse’s documentation.
Going through a divorce can be an incredibly upsetting and overwhelming matter, which is why it’s critical to enlist the assistance of a competent and compassionate attorney. At the Law Offices of Jay D. Raxenberg, our firm understands the challenges you can face during this matter, which is why we will do everything in our power to help you through this process. Contact us today to learn how we can fight for you and achieve the best possible outcome for your circumstances.
