At the commencement of any divorce proceeding in New Jersey, full financial disclosure is a crucial component, encompassing a comprehensive accounting of each spouse’s assets, liabilities, income, and expenditures. New Jersey mandates specific procedures for this disclosure, ensuring that each party possesses exhaustive knowledge of the other’s financial circumstances within the divorce context. Please continue reading as we explore what you should know about these matters and how our determined Middlesex County Divorce Lawyers can assist you during these difficult times.
What Does Full Financial Disclosure Mean in a Divorce?
Upon initiating divorce proceedings in New Jersey, both parties are obligated to provide comprehensive financial transparency. Full financial disclosure is therefore mandated to ensure equitable asset distribution during the dissolution of the marriage.
For a financial disclosure to be valid, the party must meticulously detail all assets, liabilities, income, and typical monthly expenses. Each party is usually required to provide a sworn statement with this information and supporting documentation. Additionally, any subsequent changes in financial status must be reported to the court without delay. Those undergoing a divorce will be required to furnish a comprehensive enumeration of the following information:
- Income: Encompasses wages, bonuses, tips, or commissions. Essentially, any income derived from sources such as rental properties must be included.
- Assets: All real estate holdings, financial accounts, retirement plans, insurance policies, personal assets, investments, and vehicles must be disclosed.
- Debts: All liabilities must be disclosed, including loans, mortgages, credit card debt, student loans, medical bills, and any other indebtedness held in the individual’s name.
What Should I Do if I Believe My Spouse is Hiding Assets?
Complete financial transparency is imperative to ensure an equitable dissolution of your marriage. If you suspect your spouse is concealing assets to receive a more favorable outcome, it’s in your best interest to connect with a qualified attorney at your earliest convenience. These professionals will help you collect evidence, navigate the discovery process, and potentially uncover hidden assets.
An experienced attorney will advise you on the best course of action to protect your financial interests during the divorce process. They can utilize legal tools like subpoenas and interrogatories to request financial documents and other relevant information from your spouse. In some cases, they may even engage forensic accountants and other experts to examine financial data and provide expert testimony.
At Arndt & Sutak, LLC, we recognize the profound challenges associated with divorce proceedings. We are dedicated to facilitating this process with utmost efficiency and clarity. Our firm is prepared to offer assistance during this period. We encourage you to contact us today to discuss our representation during these demanding circumstances.
