Divorce & Nondisclosure of Assets
For most people, divorcing someone that you thought you would spend your entire life with can be difficult. Having to determine custody if there are children involved, as well as having to divide up marital assets and losses, can create difficult situations to navigate. These situations can become easier when both divorcing spouses have come to an understanding with a written agreement to be amicable and when assets and losses are generally known by the parties.
But what happens when you discover that your divorcing spouse has not disclosed all of his or her assets? It is in your best interest to contact an experienced Birmingham family law attorney, such as ours at MSN, so that we can strategize about the best possible outcomes for your situation.
How Does Nondisclosure of Assets Work?
One of the many challenges that divorcing couples must face is dividing up their marital assets and their marital losses. Some couples are able to cooperate with each other and choose how they would like to divide up custody as well as their assets. However, this is not always the case with divorcing couples. Alabama is an equitable distribution state. That means, generally, in Alabama, the rule for divorcing couples is that the division of marital property is to be equitable, though it may not necessarily be equal depending on the facts. For the most part, if the undisclosed facts are so significant whereas one party is extremely harmed, there is a duty to disclose all assets.
Each spouse is expected to be open and honest regarding all of his or her assets, but unfortunately, that is not always the case. Divorcing spouses can choose nondisclosure by:
- hiding or understating certain marital properties,
- overstating debts,
- reporting untrue or additional actual expenses, and
- reporting income lower than actuality.
Need Legal Advice?
Divorce is never easy and is made a much harder process when your divorcing spouse is not being cooperative. It is known that during some marital assets are hidden and underestimated; however, that does not have to be the case in your circumstance. Seeking legal representation can help ensure that you are receiving what is rightfully yours. Because all situations are different, it is in your best interest to contact an experienced Birmingham family law attorney at Massey, Stotser, & Nichols, PC to help you with your case.