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Articles Tagged with hiding assets

Commonly Overlooked Financial Issues in Divorce

Commonly Overlooked Financial Issues in Divorce

Divorce is likely to be one of the most challenging experiences you will ever endure, and it’s important to approach the situation as informed as possible about the obstacles you are likely to encounter. Divorce is more than just terminating your marriage contract; it is also the legal process of assigning individual ownership rights over the property and debt you and your spouse jointly control.

Navigating any divorce can be incredibly difficult, but this is especially true for cases that involve complex financial issues. Do not assume that if you are not wealthy, you will not face significant financial concerns in your divorce proceedings. The following are some of the biggest financial problems that catch divorcing spouses by surprise as their cases unfold.

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Full, honest, and complete disclosure is a critical part of divorce in California. Family Code section 2100 explicitly calls for “full and accurate disclosure of all assets and liabilities” because doing so furthers the sound public policy of “the reduction of the adversarial nature of marital dissolution and the attendant costs…”

Divorcees often ask about the legal consequences of concealing assets in a divorce case. Under California law, doing so is an express breach of fiduciary duty and the penalties can be severe. There is no better example of this than the result in the Marriage of Rossi case, where Wife tried to hide over a million dollars in lottery winnings she received before separation.

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