When both parties of marriage go through a divorce proceeding, each party should disclose their financial assets. This should be a full and frank disclosure. It is the only way to ensure that both parties receive fair treatment and that the divorce settlement is reasonable. Failure to fully disclose the financial assets by both parties could result in the Order that is made to be overturned.
So what exactly is a financial disclosure?
A financial disclosure refers to the provision of a full statement of an individual’s current financial situation and circumstances while disclosing supporting documents. This disclosure should include all financial assets, even those not considered to be matrimonial assets. For example, a business that is built by one party without the involvement of the spouse, or any property in that individual’s name.
The disclosure of financial assets can be done as a voluntary option. If that is the case, the individuals Divorce Solicitor with the relevant paperwork is necessary to create a complete picture of the financial standing of the party.
This would include:
- Mortgage statements.
- Recent valuations of property.
- Self-employed earnings.
- Bank statements.
- Insurance policies.
- Business accounts.
As an alternative, if the financial disclosure isn’t imminent, an application can be made to the court, and a timetable would be set for when the disclosure would take place.
When dealing with financial disclosures, it is recommended that the right Divorce Lawyer Orlando can provide the party with all the necessary information which would assist in the idea of how to deal with the situation. Therefore, selecting an appropriate lawyer is one of the best things an individual can do to be able to handle the circumstances as effectively as possible.
No name is an Orlando, FL based firm that offers services concerning family law. Through the provision of a passionate and competent staff, a determined lawyer would be able to guide clients to ensure the best resolutions for each client’s unique situation.