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Is your future former spouse providing full financial disclosure?

On Behalf of | Oct 1, 2020 | Divorce

There may come a time in a New Jersey individual’s marriage where it becomes clear that it will not last. In anticipation of divorce, he or she may attempt to make arrangements regarding assets and finances that may provide a leg up in the proceedings. The problem is that both parties are required to provide full financial disclosure.

If you suspect your future former spouse is being less than forthcoming regarding his or her financial situation, you may need to take steps in order to discover whether your suspicions are correct. What types of assets should you be looking for? Consider the following:

  • Offshore accounts
  • Secret bank accounts
  • Gambling proceeds
  • Private investments
  • Liquidated or transferred marital assets
  • Unreported rental income
  • Unreported income from side jobs or contract work

Like courts in other states, those here in New Jersey do not appreciate individuals attempting to hide assets, especially if it is done in order to lower income to avoid paying child support or alimony. In fact, the court could decide to attribute a certain amount of income to your spouse, especially if you prove that he or she is purposely unemployed or underemployed in an attempt to pay less in support. The court may also sanction your spouse in some way for intentionally hiding assets.

Undertaking an investigation to locate hidden assets and income is usually not an easy task when a spouse fails to provide full financial disclosure. It requires certain resources, experience and knowledge you may not have. This is just one reason why it would be beneficial for you to talk to an attorney who can help you confirm your suspicions and gather the evidence you will need for the court. Doing so could increase your odds of receiving the equitable and comprehensive divorce settlement to which you are entitled.