Disclosing Assets In A Divorce

Do you have to disclose all assets in a divorce?

During a divorce, both parties must disclose all assets and liabilities. This helps protect the community's assets and liabilities and ensures a fair division of marital property and debts. Getting the details right can also help you track your finances better.

Steps In Disclosing Assets In A Divorce

The first step is to list all the assets you own. This may include tangible items like a car and intangible items like money earned or owed by the other party. This list should be accompanied by additional documents that help you to itemize your assets.

The second step is to compile a schedule of your assets and liabilities. This form is similar to a property declaration and requires you to write down all your debts and any property you own. The document has many attachments, and you will need to carefully review it to ensure that you have filled it out correctly.

Importance of Having a Lawyer

You might want to consider hiring a lawyer to investigate your finances thoroughly. Typically, this includes a forensic accountant to find any hidden assets. A lawyer can also help you recover any lost funds.

A good divorce attorney should have access to all of the potential assets from the marriage. This may involve checking canceled checks, credit card statements, and bank accounts. You should also pay close attention to any asset sold, especially if the transaction involves the other spouse.

Asset Protection and Divorce Attorney Free Consultation

If you are looking for a legal advice about disclosing your assets in a divorce or in need an attorney, call this law firm for free consultation. We have the Best Attorneys in Utah.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

https://www.ascentlawfirm.com

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Morgan, UT 84050, USA

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