One of the most contentious aspects of a divorce, according to our San Diego family law attorney, is the division of the marital estate. This process can sometimes bring out the worst in individuals who may use an ethical approach to the problem.
Disclosure of Assets
Your San Diego family law attorney can explain that all assets should be disclosed during this process. In order to properly valuate the estate, all assets and liabilities must be known. As long as all assets and liabilities are disclosed, an improper exclusion can be avoided. Additionally, having this information can help indicate how each spouse's financial condition will likely be affected after divorce. This can also help show whether one spouse should provide maintenance for the other spouse.
Consequences of Nondisclosure
The San Diego family law firm that represents you can explain that you can face serious consequences if you do not properly disclose assets or debts. Some jurisdictions force the spouse to surrender concealed assets if they are later discovered.
Just because an asset is disclosed does not mean that it will be part of the marital estate. For example, items that were received prior to the marriage, received as a gift or received as an inheritance are generally excluded. Other items that were kept separate from the marital estate may also be excluded.
If you would like to learn more about the disclosure of assets or liabilities, contact San Diego family law attorney James V. Hairgrove at (619) 667-3743.