Financial Disclosure in a Divorce
In addition to the emotional toll of a broken marriage, the financial aspects involved in divorce proceedings can be overwhelming. You must be prepared to discuss and examine every detail of your finances in order to resolve issues concerning property division, spousal and child support, and other matters. Guidance from an experienced attorney may alleviate some of the confusion and anxiety of an extensive financial disclosure. With decades of experience in complex divorce cases, New York City divorce lawyer Ingrid Gherman recognizes the need for compassionate legal guidance and practical advice during this period. She can calmly lead you through the financial disclosure process, while fiercely protecting your economic interests in court.Requirements of Financial Disclosure
Property division and other financial issues must be resolved before a divorce can be finalized. While each spouse retains their separate property, marital property (that which is acquired during the marriage) is subject to equitable distribution. Accordingly, if you file for a divorce in New York, your spouse and you are entitled to obtain financial information from each other to resolve these issues. Accurate and complete financial disclosures are essential to distributing property and assets in the event of a divorce. In some cases, the financial status of each spouse is also considered in determining whether, and in what amount, spousal maintenance and child support should be awarded.
There are a few ways to receive financial disclosure from your spouse during the divorce proceedings. The Statement of Net Worth is one of the initial documents that must be filed by each spouse in a divorce action. It requires an extremely detailed description of your income, expenses, assets, business interests, debts, taxes, investments, loans, transfers, and other financial information. Any errors or omissions in the financial disclosure statement can have a significant impact on the outcome of your divorce. As a result, it is important to use current statements and bills, calculate realistic estimates of expenses such as utilities that vary significantly from month to month, and obtain reliable valuations and appraisals of assets and property. If you have concerns while preparing your Statement of Net Worth, a divorce attorney can provide an explanation and review the information to ensure that your financial disclosures are correct and complete to the extent of your knowledge.
In addition to the Statement of Net Worth, financial disclosures may also be obtained in the discovery process under the New York Civil Practice Law and Rules. This can be an important tool to verify the nature and extent of the assets received over the course of your marriage, particularly in high-asset divorce cases. During discovery, both your spouse and you may serve requests for inspection of documents and interrogatories on the other, seeking further information regarding each other’s finances. If your spouse refuses to comply with your discovery requests, the documents may be subpoenaed directly from the financial institutions or by moving the court to compel disclosure. Your attorney can also conduct a deposition, in which your spouse is questioned under oath. A skilled divorce lawyer will have the training to identify conflicting or incomplete information in your spouse’s financial disclosures, and they can take appropriate steps to resolve the discrepancies through further discovery, depositions, or the use of accounting experts and financial professionals.Protect Your Rights with the Assistance of a Divorce Lawyer in New York City
If your marriage is ending, you will want to make sure that your financial stability is preserved during the divorce. New York City attorney Ingrid Gherman has represented many people in divorce cases over her 30-year career and uses her experience to the advantage of her clients. Ms. Gherman serves people throughout Manhattan, Brooklyn, the Bronx, Queens, and Staten Island, in addition to areas in Westchester, Orange, Nassau, Rockland, and Suffolk Counties. Arrange a consultation to discuss a late-life divorce or another complicated family law matter by calling the Law Office of Ingrid Gherman, P.C. at (212) 941-0767 or completing our contact form online.