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You Must Fully Disclose All Assets and Debts in a Divorce

You Must Fully Disclose All Assets and Debts in a Divorce

Ohio law clearly requires every individual to make a full, transparent disclosure of all financial assets and debts in a divorce—even separate and premarital or gifted assets!  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 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 and also identify funds or other assets from which marital obligations could be satisfied?”  It doesn’t matter if you believe the other party “already knows about it.”  If you are aware of it, you must disclose it.

The failure to disclose information in a Columbus divorce or dissolution case can and will result in substantial financial sanctions!.  These sanctions can be ordered at any point in time during the divorce proceedings.  The Judge will take a dim view of a party attempting to hide money or assets, or neglecting to fully disclose them on the appropriate forms as you prepare for a divorce.  One Ohio statute provides for damages of up to 300% of the value of undisclosed marital or  separate assets!

The attorneys at The Law Offices of William L. Geary have decades of experience and expertise in complex divorce cases.  In cases where a party has attempted to hide assets and debts or under-report business valuation we have worked with forensic accountants and other professionals and experts.  Our professionals fully investigate these 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.