When a couple decides to end their marriage, one of the first steps they should take is reviewing their financial status. When a spouse does not accurately disclose his or her assets, legal sanctions and severe penalties can occur.
California law requires every person who is a party to divorce proceedings to declare their financial circumstances. Many attempt to hide assets in an offshore account or in a trust. Disclosure of assets and debts allows the court to decide how to divide property. In fact, California requires a disclosure at the beginning of the divorce – known as the Preliminary Disclosure. The disclosure at the end of the proceedings is known as the Final Disclosure. California is a community property state and assets acquired after separation may still be considered with regard to support and attorney fees.
Hiding assets in a divorce proceeding can be risky and expensive in the end. If you are going through a divorce, consult with an experienced Orange County Family Law attorney who will help you make the disclosures required under California law and make sure you receive a fair divorce settlement.