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Financial disclosures must be fully factual in divorce

One of the most challenging things for some people who are going through a divorce is working through the property division matters. This is especially true when you are dealing with a high-asset divorce. As part of the process, a full disclosure of the financial status of both spouses is required so that the division is handled in accordance with the applicable laws.

When you are filling out the financial disclosures for the divorce, you have to be fully honest. You can't try to hide things just so you can have a nicer settlement when the divorce is finalized. Unfortunately, not everyone follows that simple rule. It is estimated that around 58% of people hide cash from their partner and 34% admit that they weren't honest about the money they earn, their debts, and the finances.

The financial disclosures for divorce are handled under the penalty of perjury, so anyone who isn't honest can face legal consequences. There isn't any room in the law for guessing about what has to be included. The paperwork requires that all debts, income and assets are denoted on the form.

Having a divorce team that knows how to spot potentially incorrect financial disclosures might be beneficial. These individuals can go through everything that is reported and try to figure out if anything is missing. On your end, just make sure that everything you include in your divorce paperwork is complete and accurate so that you don't risk losing a good portion of what you should receive. If you are found lying, the court might award everything to your ex.

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