It’s no secret that for most couples going through a divorce, finances are often the most contentious matter. As such, to ensure that the division of assets and determination of matters like alimony and child support are fair, the courts require full financial disclosure from each party. If you are going through a divorce and want to learn more about this process, keep reading. The following blog explores why full transparency is imperative and the importance of working with a Monroe, Louisiana property division lawyer to help you during these difficult times.
What Is Financial Disclosure, and Why Is It Important?
When you file for divorce, one of the most important aspects of this process is the division of your assets. In general, you’ll find that Louisiana is a community property state, meaning all marital assets will be split between spouses evenly, regardless of each party’s contribution to the marriage. In addition, financial disclosure can help the courts determine what assets and liabilities are marital property versus separate property.
Typically, marital assets are any property obtained by either spouse over the course of their marriage, regardless of whose name is on the title or deed. For example, if you purchase a home after you are married but only your name is on the deed, it will still be considered marital property and subject to division under Louisiana Law.
As such, to ensure that assets are divided evenly, each spouse must fully disclose all assets, including their assets, liabilities, income, and expenses. During the divorce, you must submit a Financial Declaration form, which will detail these matters. In addition to fully disclosing your assets on this document, you’ll need to submit additional documentation that can help support the information you’ve provided.
What Can I Do if I Think My Spouse Is Hiding Assets?
Unfortunately, although financial disclosure is required to ensure a fair divorce, many will still attempt to take advantage of this process by concealing assets. Often, this includes transferring property to friends or family for the duration of the divorce, undervaluing assets like income or investment accounts, or simply failing to report the assets. The general hope is to receive a more favorable outcome during the divorce process, such as a larger share of assets or reduced child support. However, it’s critical to understand that any party who is discovered concealing assets can face legal consequences.
As such, if you have suspicions regarding your spouse’s financial disclosure, you should immediately connect with an experienced attorney with Breithaupt, DuBos, & Wolleson, LLC. Our firm understands how complicated these matters can be to navigate, which is why we are ready to help you during these times. We will examine the documentation submitted by your spouse to look for inconsistencies to help you fight for the compensation you deserve. Contact us today to learn more.