You must make a full disclosure of assets and debts in a Louisville divorce. Kentucky law clearly requires every individual to make a full, transparent disclosure of all financial assets and liabilities in a divorce. We are often asked “what specifically must be disclosed?” The short answer is simply any and all information you possess regarding an asset, investment, account, debt, liability, loan, retirement account or pension, business ownership interest 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?” It doesn’t matter if you believe the other party “already knows about it.” If you are aware of it, you must disclose it.
You must make a full disclosure of assets and debts in a Louisville divorce. The Judge will take a dim view to a party attempting to hide money or assets, or neglecting to fully disclose them on the appropriate forms as you prepare for a divorce. The failure to disclose information or to knowingly undervalue an asset can and will result in substantial financial sanctions. These sanctions can be ordered at any point in time during the divorce proceedings.
It is possible for the parties to waive the “Final Declaration of Disclosure,” however this does not relieve either of the parties from their legal responsibility to fully, accurately and transparently disclose all financial related information.
The divorce and family law attorneys at Dodd and Dodd have decades of experience and expertise in complex and contested divorce cases. In cases where a party has attempted to hide assets or under-report business valuation we have worked with forensic accountants and other professionals and experts to find hidden accounts and monies or get to the truth. These professionals fully investigate financial 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.
If you are considering divorce we invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
