It’s never a good idea to hide assets in a divorce.
When you file for divorce in California or are the party being served, you are required to disclose certain information so that the matter can properly be settled. Some of the things you will have to provide the court with are financial disclosures. Under California law, you must provide your spouse with information relating to “your income, expenses, things you own, and money you owe” when divorcing1.
The first financial disclosure you’ll need to fill out and submit is the Preliminary Declaration of Disclosure. It’s very important that you fill this out truthfully and correctly to avoid any issues from developing. And if you aren’t sure what information you need to include or can leave out, you are advised to consult with divorce lawyers.
Why do I have to disclose financial information during a divorce?
Although you may not want your soon-to-be-ex-spouse to know how much you make or the assets you’ve acquired after the two of you separated, you don’t have much choice. The court will need to take into account your income so that alimony (given it applies) can be calculated along with child support.
The assets you possess must also be made known so that the court can decide what is considered community property and what is classified as separate property. In California, community property is subject to division in a divorce.
What happens if you hide assets in a divorce?
It’s never a good idea to hide assets in a divorce. Not only do you run the risk of getting caught, and still having to divide the assets that technically belong to you and your spouse, but it could lead to more severe consequences in the future.
Let’s say you don’t initially get caught but do so a few months down the road. Not only could your spouse demand through legal action that he/she is entitled to half but also request that damages be awarded.
Can a divorce attorney help me protect my assets during a divorce?
Sacramento divorce lawyers strive to protect their clients’ best interests–and that means fighting for a fair and favorable outcome. Although a California divorce lawyer can’t help you hide assets or advise you on how to do so, they can explain the options that are available to you that might prevent certain assets from being divided.
If you’d like to discuss asset division with experienced divorce lawyers, USAttorneys.com is here to help you find and retain an attorney near you. We can also help you find child custody lawyers if you have questions pertaining to custody or child support.
Before you make any drastic decisions to submit your disclosure statements, you are encouraged to seek legal advice.
Have questions about this article or a legal concern? Call 800-672-3103.
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