Tennessee residents, particularly in Clarksville, may be familiar with the complex aspects of divorce proceedings. In the event of divorce, property division may be the most complicated problem that needs to be resolved. During this settlement, marital assets like residential homes, real estate, business assets and other properties may be subjected to division. Each spouse should anticipate that those marital properties and assets will be distributed equally. However, that is not always the case, especially if the other spouse has a different idea about what constitutes a fair share.
During property division, marital property and assets can be fairly divided if both spouses fully disclose all assets and properties. Unfortunately, there will be situations wherein a spouse uses tactics and strategies to try to make the settlement more favorable to them. According to the National Endowment for Financial Education, 31 percent of spouses who joined assets with their partners stated that they were ambiguous when it comes to money. At the same time, 65 percent of women reported that their partner was deceitful to them regarding finances, earnings or income and debt.
When a spouse signs the financial affidavit that is required in most divorce proceedings, he or she is affirming that whatever is stated on the paper is accurate and truthful. This signature may ensure that the spouse correctly discloses all finances, income and debt because if the partner fails to disclose all assets and properties, the spouse may face serious consequences.
If a spouse makes false statements regarding hidden assets, he or she could face serious consequences. In such a scenario, the court may order the spouse who failed to disclose financial information to pay the other partner’s fines and attorney’s fees, and may dismiss the claim. In extreme cases, the spouse could even face imprisonment.
Full disclosure of all assets and liabilities during divorce proceedings is a legal requirement for both spouses. Disclosing information will enable both spouses to arrive at an equitable split after a separation.
Source: Forbes, “What are the Consequences of Hiding Assets During Divorce,” Jeff Landers, Nov. 14, 2012