In 2022, 53.4% of people who divorced owned their own home. How do you decide who gets assets like this in the divorce process? And do you have to disclose all your finances?
In Oklahoma, the answer is yes. What financial disclosures do you need to make? Keep reading as we discuss what you need to know and a divorce financial checklist.
Do I Have to Disclose All My Finances During Divorce?
Yes. Do not lie about your finances. Besides being the right thing to do, courts expect and demand honesty.
The court needs a comprehensive understanding of both parties’ financial situations to ensure a fair division of assets and debts. This includes disclosing the following:
- Income
- Expenses
- Property
- Investments
- Retirement accounts
- Other relevant financial information
Divorces can be emotionally draining and financially challenging. While it may seem like an invasion of privacy, the truth is that full financial disclosure is required in divorce proceedings.
What If Your Spouse Is Hiding Assets?
Unfortunately, some spouses may exploit the situation by hiding assets to protect their financial interests. This can make the already complex process even more challenging and expensive.
If you suspect your spouse is hiding assets during divorce proceedings, it’s important not to panic or act impulsively. Instead, gather as much evidence as possible to support your claim. Your creditability before a judge is everything. The court is constantly assessing the truthfulness of the parties and their representations.
One of the easiest ways for a court to determine your creditability is to look at your budget and financial representations. If a judge does not believe you, it will be next to impossible to convince the court to resolve matters in your favor.
Consider enlisting the help of professionals who specialize in uncovering hidden assets, such as forensic accountants or private investigators. These experts have the skills and resources to dig deep and discover any undisclosed income or property.
Penalties for Failing to Disclose Finances During a Divorce in Oklahoma
Failing to disclose all your finances during a divorce can have serious consequences in Oklahoma. If you are unsure what is required, it is best to consult a lawyer who can guide you through the process.
Contempt of Court
If you fail to disclose your finances as required by the court, you may be held in contempt of court. The judge may impose penalties such as fines or even jail time.
Disqualification from Receiving Certain Benefits
If you intentionally hide assets or income during a divorce, you may be disqualified from receiving certain benefits, such as spousal support or property division. The court relies on accurate financial information to decide these matters.
Reopening the Divorce Settlement
If it’s discovered after the divorce is finalized that one spouse failed to disclose all their finances, the other spouse can ask the court to reopen the settlement. This could result in a new division of assets and potentially change any support or alimony agreements.
Sanctions and Financial Penalties
The court may impose sanctions and financial penalties for failing to disclose your finances. These can include paying the other spouse’s attorney fees and costs incurred due to your failure to disclose.
Loss of Credibility and Trust
Failing to disclose your finances during a divorce can also damage your credibility and trustworthiness in the eyes of the court. This can have long-term consequences, affecting future legal proceedings or custody arrangements.
Let Us Help You
During a divorce, you must disclose your finances. Having a divorce financial checklist can help you ensure you’re disclosing all the information required.
If you’re ready to work with an attorney who can help you navigate the process, contact us today to request a confidential consultation.
