Assets in divorce

Elizabeth Rankin Powell

You run the risk of her disclosing things she knows about, conducting discovery to learn about the other property you don't want disclosed, and being sanctioned by the court for failing to disclose information and assets. The sanctions could, potentially, cost you more than the property you failed to disclose. Judges tend to be very unhappy when they think litigants are not providing correct and complete information so the Court can make a correct decision. Elizabeth Powell

Alan Scott Funk

You didn't state which form you are preparing. You should know that a trial judge has great discretion in distributing assets. Assets also may be a factor in ordering child support. You should look at RCW 26.09.080 (quoted below). As you will see, the court "shall" consider the separate property of the parties. Basically, the court needs to have a complete understand your finances, as well as your wife's. If the court thinks its fair to award some of your separate property to her, the judge has the authority to do so, In re Marriage of Griswold, 112 Wn. App. 333, 347-48, 48 P.3d 1018 (2002), review denied, 148 Wn.2d 1023 (2003). The factors below are not exclusive, and the court can consider: how custody impacts finances, the health and age of the parties, the impact of maintenance, etc.

The character of property as community or separate can be complex and common sense does not always provide guidance. You should consult with an attorney if you have concerns. You should not conceal any assets from the court.

RCW 26.09.080
"In a proceeding for dissolution of the marriage, legal separation, declaration of invalidity, or in a proceeding for disposition of property following dissolution of the marriage by a court which lacked personal jurisdiction over the absent spouse or lacked jurisdiction to dispose of the property, the court shall, without regard to marital misconduct, make such disposition of the property and the liabilities of the parties, either community or separate, as shall appear just and equitable after considering all relevant factors including, but not limited to:

(1) The nature and extent of the community property;

(2) The nature and extent of the separate property;

(3) The duration of the marriage; and

(4) The economic circumstances of each spouse at the time the division of property is to become effective, including the desirability of awarding the family home or the right to live therein for reasonable periods to a spouse with whom the children reside the majority of the time."

Gary James Marchese

In Massachusetts, failing to disclose marital assets is considered perjury, since the filing of the party's financial statement is signed by the party under the pains and penalties of perjury. A marital assets is very broadly defined in Massachusetts, as any property owned by either party, individually or jointly, whether acquired before or during the marriage. Si even if a bank account only has one party's name on it, and it was opened prior to the marriage, it is a marital asset and must be disclosed.

Gary James Marchese

In Massachusetts, failing to disclose any marital assets could result in a perjury charge. In all divorce proceedings, each party must file a court-approved financial statement which must be signed by the party under the pains and penalties of perjury. The definition of a marital asset is very broadly defined in Massachusetts - any property owned by either party, individually or jointly, whether acquired before or during the marriage. So even if a bank account only has one party's name on it, and even if it was opened prior to the marriage, it is considered a marital asset and must be disclosed.

Thomas H. McGowan

Obviously it depends on the jurisdiction. If you do not put your cards on the table, however, and if you are hiding marital assets you could be setting yourself up for serious sanctions.

Thomas H. McGowan

Obviously it depends on the jurisdiction. If you do not put your cards on the table, however, and if you are hiding marital assets you could be setting yourself up for serious sanctions.