Should I Disclose My Assets During a Divorce?

Are you concerned about how being divorced would affect your financial situation? Are you considering getting divorced but are not sure? What should your financial strategy be as you approach the divorce? These are the kinds of financial queries that you can ask. Do I have to reveal my financial condition and assets? Can I evade a divorce by hiding my assets? If you need clarification and have doubts, get legal advice.

In a divorce, you should never try to conceal your assets or act in any way other than honestly. Your first and best action to deal with divorce is to be forthright and clear about what you wish for and what needs to be divided. It entails speaking the truth and treating everyone equally.

Financial Documents and Asset/Liability Statements

A Financial Statement form approved by the court must be filled out and shared by both spouses. Which details their income, weekly expenses, assets, and obligations, by Supplemental Probate and Family Court Rule 401. A spouse should complete a Long Form Financial Statement if they earn $75,000 or more annually. A spouse must fill out a Short Form Financial Statement if their annual income is less than $75,000.

1. Each party must provide their state and federal income tax returns and schedules for the most recent three years.

1. Account statements for the last three years for all bank accounts held in either party’s or their joint names or another person’s name for either party’s benefit.

1. Each job must provide copies of the party’s four most recent payslips.

1. The party must provide evidence of the cost and type of health insurance coverage they offer.

1. Declarations for any assets, contracts, bills, shares, debts, and certificates of deposit held/owned by both spouses for the benefit of the families’ minor children for the three prior years.

1. Any loan or mortgage proposals that either party has prepared, presented, or made duplicates of in the three years before the complaint for divorce.

1. Either side must create copies of any financial documents and asset and liability statements made within three years before filing the complaint for divorce.

A Statement of Compliance with Rule 410 of the Supplemental Probate Court is attached to this disclosure. Because we executed this Statement of Compliance under penalty of perjury, any assets that are not reported but must be under Supplemental Probate Court Rule 410 may expose the signatory to criminal penalties for perjury.

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