Areas of Practice
FINANCIAL HONESTY IS IMPORTANT DURING A DIVORCE
A divorce can be an incredibly stressful period in anyone’s life, and, unfortunately, there is plenty of potential during a hostile divorce for anger and vindictive feelings to come out. But even if a divorce is going badly and what positive feelings there were for the other person are deteriorating or gone, there is absolutely one thing you should not do during a divorce, and that is let your feelings get the better of you and lie about your finances.
Digging A Grave
One of the aspects of a divorce that can potentially become very ugly is the division of assets. In the eyes of the court, the end goal for a divorce is an “equitable distribution,” and, contrary to what some people may believe, this does NOT mean a straight “50-50” split of money, property and other financial aspects of the relationship. Equitable distribution in this case means “fair,” and what a court decides is fair can vary widely depending on the nature of the relationship, the financial prospects of both spouses, and who will be retaining custody of children to raise them.
Equitable distribution only occurs if a divorce case is going to court and requires a legal decision to settle an argument. If a prenuptial agreement was in place previously, that will hold a lot of legal precedent. If a divorce is amicable and can be worked out without the need for court proceedings, a couple can negotiate amongst themselves on this split.
But in cases where there’s disagreement about how this will work, both parties will have their financial situations investigated. Absolute honesty is required at this stage. If you should attempt to willfully deceive an attorney, accountant, IRS agent, or other official member of the legal system or American government on your state of finances in an attempt to deny your spouse certain assets, the results will be severe.
Before letting your feelings get the better of you, ALWAYS discuss your options with an experienced divorce attorney. Playing with finances in a court of law is not the way to get revenge or settle a grudge, and will have more of an impact on you then the person you are trying to get even with.