You Must Fully Disclose All Assets and Debts in a Divorce

Pierre Domercq Divorce

California law clearly requires every individual to make a full, transparent disclosure of all financial assets and liabilities in a divorce. We are often asked “what specifically must be disclosed?” The short answer is simply any and all information you possess regarding an asset, investment, account, debt, liability, loan or other financial information associated with either or both parties.
Another way to look at it might be: “what information would an independent, reasonable and prudent party need to have in order to fairly and completely identify and divide your marital debts and assets?” It doesn’t matter if you believe the other party “already knows about it.” If you are aware of it, you must disclose it.
The failure to disclose information can and will result in substantial financial sanctions. These sanctions can be ordered at any point in time during the divorce proceedings. The Judge will take a dim view to a party attempting to hide money or assets, or neglecting to fully disclose them on the appropriate forms as you prepare for a divorce.
It is possible for the parties to waive the “Final Declaration of Disclosure,” however this does not relieve either of the parties from their legal responsibility to fully, accurately and transparently disclose all financial related information.
The attorneys at Burke and Domercq have decades of experience and expertise in complex divorce cases. In cases where a party has attempted to hide assets or under-report business valuation we have worked with forensic accountants and other professionals and experts. These professionals fully investigate these matters, identify all reported and unreported accounts, assets and liabilities and expose the failure to fully disclose them during a divorce proceeding.
As your attorneys, we work to hold this contemptable behavior up the Court, seeking appropriate financial sanctions and penalties. We protect your interests and ensure a fair distribution of marital assets and liabilities.