Divorce: Your Life is an Open Book

Posted on Tuesday, January 10th, 2017 by Marc Beyer and is filed under Divorce,  Life,  Process.

One of the things that we do in a divorce case is fully disclose assets. Whether it is real property, a checking account, savings account, retirement account, stock, life insurance, or a car, both sides are to fully disclose their assets to each other. You don’t get to keep that information from your spouse.

Not everyone likes this. Some people feel that this is private information and that they shouldn’t have to share it with their spouse. Wrong. You absolutely have to share this information. I’ve had clients who felt that part of my job was to help them hide assets from their spouse. They weren’t my clients for much longer after this came out. We both could get sanctioned by the Court if you/we are actively trying to keep this information from your spouse. Even if you feel that the asset is your nonmarital property, you still need to disclose it. Just because you disclose it does not mean that your spouse will automatically share in it if you can prove its nonmarital character.

Look at it this way. If you don’t disclose a certain asset, it will not be included in the final divorce decree. If it’s not included in the divorce decree, it cannot be formally awarded to either party. If an asset is not awarded to you by the divorce decree, you have no basis for claiming it to the exclusion of your ex-spouse. And, if the asset is discovered years later, that could be grounds for re-opening the divorce decree. Nobody wants that.

So, it is far better to disclose everything. Don’t hide assets and hope that they are never discovered.

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If you are facing divorce and any of the divorce-related issues such as spousal maintenance, child support, child custody, property division, or domestic abuse matters, you need our experienced Minneapolis divorce attorneys to help you. Contact Beyer & Simonson in Edina, Minnesota today at (952) 303-6007.