The Importance of Properly Disclosing Assets and Liabilities in a Divorce
Not only does a divorce take an emotional toll, but it can be very difficult to split assets and liabilities. While it may be tempting to conceal certain assets from the court, this kind of behavior can have severe consequences. Florida law requires you to disclose all financial information to your spouse and provide a complete picture of your finances.
The Law Offices of Matthew Z. Martell will work with you to make sure you meet your legal obligations and disclose all necessary financial information and records. We’ll fight to protect your rights throughout this process and will work to obtain a favorable settlement for you.
Why Should You Disclose Your Assets and Liabilities Properly?
Florida is an equitable distribution state, which means that marital assets and property are divided equitably between both parties during a divorce. When one party fails to disclose assets, it makes it impossible to achieve an equitable division of assets. This is why Florida courts require full financial disclosure in divorce cases.
Both parties are legally required to meet these obligations. Failing to disclose assets during a divorce is a form of fraud and can result in serious consequences. The discovery of undisclosed assets could even cause a finalized divorce case to be reopened.
What are the Consequences for Improper Disclosure of Assets and Liabilities?
Deliberately concealing assets during a divorce could cause you to be held in contempt of court and could even lead to perjury charges. Knowingly signing a document that contains false information is a form of perjury that could result in penalties like fines, probation, or up to 5 years in prison.
Not disclosing assets in divorce can put you in contempt of court. If one party is discovered to be concealing assets, the judge may award more assets to the other party or order them to cover the other party’s legal costs. Like perjury, being charged with contempt of court could also lead to fines or jail time.
This type of deception can also destroy your credibility with the judge overseeing your case. It could cause the judge to dismiss your other claims or to assume you’re being dishonest about other matters.
How To List Your Assets and Liabilities?
Florida requires both parties to provide a complete list of assets and liabilities. This list should also state the value of each asset and specify whether the asset is marital or non-marital. Some examples of assets and liabilities include:
- Cash
- Stocks and bonds
- Life insurance
- Real estate property
- Vehicles
- Furniture
- Electronics
- Jewelry
- Owed funds
- Retirement plans
- IRAs
- Mortgages
- Credit card debt
- Car loans
- Personal loans
- Any additional debts
The best way to make sure that you list all assets and liabilities is to work with an experienced Sarasota, Bradenton, Lakewood Ranch, and Venice, Florida divorce lawyer near you like Attorney Matthew Martell. Your attorney can help you to identify your assets and create a detailed financial affidavit that meets all of the court’s requirements.
How a Sarasota and Bradenton Divorce Attorney Can Help
If you choose to conceal financial information during a divorce, you’re lying under oath. Rather than take that risk, you should work with a divorce lawyer that can help you handle your divorce the right way. The Law Offices of Matthew Z. Martell can offer you guidance and support throughout your divorce.
We can also assist you if you believe that your spouse is concealing financial information. From issuing and serving subpoenas to requesting discovery documents from your spouse, we’ll make sure that the court has an accurate picture of your spouse’s finances.
Don’t try to handle your divorce on your own. Working with experienced divorce lawyers that can give you all the help you need. Reach out to us today at (941)556-7020 to set up a free initial phone consultation.
