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You Are Legally Required to Fully Disclose Every Asset and Debt in a Carlsbad Divorce

On Behalf of | Apr 23, 2021 | Community Property Division

California law clearly requires every individual to fully disclose every asset and debt in a Carlsbad divorce.  This applies to many things often missed such as retirement accounts, personal injury settlements as well as separate and pre-marital or gifted assets!

We are often asked “what information 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 and also identify funds or other assets from which marital obligations could be satisfied?”  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 fully disclose every asset and debt in a Carlsbad divorce case 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 of a party attempting to hide money or assets or neglecting to fully disclose them on the appropriate forms as you prepare for a divorce.  California statutes provide for substantial financial damages (read: penalties) which can amount to multiple times of the value of undisclosed marital or separate asset.

The Certified Family Law Specialists at Burke & Domercq have decades of experience in complex divorce cases.  In cases where a party has attempted to hide assets and debts or under-report business valuation we have worked with forensic accountants and other professionals and experts to uncover the truth.  Our 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 contemptible behavior up the Court, seeking appropriate financial sanctions and penalties.  We protect your interests and ensure a fair distribution of marital assets and liabilities.

Protect your own interests and contact us or call 760-389-3927 to schedule an appointment for a remote or socially distanced consultation with one of our experienced Certified Family Law Specialists.