Financial Fraud in California Divorce: Dividing the Assets
One of the most common disputes during California divorce is the division of assets. Some cases involve significant assets. Other cases involve substantial debt. Other cases may involve a shared business that both parties feel they have earned the right to retain. Regardless of what assets/liabilities a couple has built during their marriage, they are expected to offer full disclosure of assets and liabilities during the preliminary hearings. Once the divorce is finalized, the information provided during the preliminary hearings is used to divide marital assets, so each party receives their fair share in the divorce settlement. In most cases, the process is straightforward, but in some cases, one party may not offer full disclosure.
What To Do About Fraud in California Divorce Settlements:
California law requires both parties in a divorce to disclose all assets in preparation for a divorce. In some cases, parties fail to comply with this legal requirement. There are various ways in which a party may fail to offer full disclosure of assets and liabilities. The party may provide inaccurate values of marital property, overstate debt or liabilities, report a lower income, or report higher expenses. If you find yourself in this situation, the first question to consider is whether the nondisclosure was intentional or a mistake.
California’s Family Code Section 2100-2113 advised that each party must wholly and accurately disclose of all assets and liabilities, investment opportunities, or other income-producing opportunities (from the date of separation through the distribution of assets). Under Family Code Section 2104 and 2105 each party is also required to serve a preliminary and final declaration of disclosure. If either party is dishonest regarding the disclosure of all their assets and liabilities, the judge may set aside the judgment or a portion of the judgment and may even impose sanctions or fees.
If you suspect that your spouse if being dishonest in disclosing their assets or liabilities during your California divorce, don’t hesitate. Call the experienced divorce attorneys at The Maggio Law Firm today.
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