Divorce is a very sensitive type of proceeding that involves not only the relationship of two parties, but also their properties and assets. With money and its division as part of the agenda, a divorce case can get very complex, overwhelming, and emotional.
In order to avoid problems in a divorce case, the parties need to be forthright and honest throughout — that includes disclosing all their financial information. They need to be honest and practice full transparency to attain the best results in a divorce case.
What Happens if a Party Doesn’t Accurately Disclose Their Financials in a Divorce Case?
Each person involved in a divorce case needs to disclose their financials accurately, otherwise, they run the risk of the other party filing a case against them or reopening the case several years later.
The other spouse, once they learn about the lack of fill transparency regarding financial matters, can ask their lawyer to issue a discovery, ordering the party at fault to surrender their financials for the past years, including stocks, restricted stock units, and all other properties.
The aggrieved party will be out with the question of whether or not the other party transferred or hid property during the marriage without disclosing it during the divorce proceedings.
What Should Every Party in a Divorce Case Do?
Full disclosure and honesty should be the goals of anyone involved in a divorce case. Being open and transparent about their financials will help avoid any big problems in the long run.
If one of them finds out, after the divorce case, that the other party did not disclose a financial record, transferred money, or did something that was dishonest, they have the power to reopen the case and attack the assets that weren’t disclosed.
In a divorce case, it’s very important to be organized and transparent. As much as possible, parties to a divorce case should engage a divorce attorney to help them settle financial and marital matters and achieve the best results.