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Why is it important to disclose your assets?

During a divorce, you and your spouse are both expected to disclose all of your assets in total. After you file your divorce petition, a legal discovery process begins almost right away.

The legal team of each party could also request additional documents that will shed more light on each individual’s financial situation and assets. But why is this so crucial?

Searching for hidden assets

Forbes discusses the steps that you may need to take during your divorce. This includes the discovery process, which could lead to the potential discovery of hidden assets.

Under Maryland’s equitable distribution law, assets acquired by you and your spouse during your marriage will be considered marital property. However, it is not impossible for your spouse to attempt to hide assets or income from your shared property, thus trying to keep it to his or herself rather than dividing it.

You may put forth requests for certain documents from your spouse, like bank statements. They also need to comply with a court-ordered interrogatory, in which they must write their full answers to under oath in 30 days.

Getting your full child support

Another important reason for revealing hidden assets is the possibility of needing child support. The court will determine this payment based on monthly income and expenses. This includes government benefits, paychecks and any earnings from self-employment.

A spouse may lie about their assets so as to pay a smaller amount. However, if they are found to be lying, they may face a perjury charge. They may also be held in contempt of court, while also having to pay the full owed amount to you.

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