When a divorce is granted by the court, the property is divided equitably (though not always equally) between the two spouses. The Equitable Distribution Law governs this fact. During the divorce, both spouses must disclose their income and any debts to the court.
Your ex-spouse has the right to claim your finances or assets at any time until they remarry. A Court-approved Financial Consent Order is the only way to prevent a claim. It is critical to understand that a divorce only ends your marriage and allows both parties to remarry in the future. The dissolution of your marriage does not end your financial ties with your ex-spouse.
If you are seeking some other questions for better understanding, the followings are the elaboration of certain confusion…
Can I Sell My Home Before Divorcing?
Yes, it is possible, but transferring assets (rather than money) is a dead giveaway that an attempt is being made to exclude it from the outcome of a divorce settlement or financial affairs. Aside from that, the courts have the authority to divide other assets to offset the impact of the asset transfer.
It is extremely difficult and risky, much like trying to hide assets during a divorce. The courts have the authority to draw negative inferences and impose financial penalties. The court may also order the asset transferor to pay some or all of their spouse's legal fees.
Will Spending Money Before Divorce Reduce my Settlement?
While there is little to stop you, the sensible answer is 'no'. It would be extremely foolish to spend all of your money before a divorce. The court may interpret such a move as an attempt to deny your spouse a fair share.
If you spent most or all of your money prior to your divorce, the court may consider penalizing you. If your spouse suspects you of doing so, he or she can apply to the court for a freezing injunction, which prevents you from dealing with any of your assets to protect them during the divorce.
What Are the Drawbacks of Concealing Assets During a Divorce?
If you are caught hiding assets, or the court proves that you have, then the court has the authority to distribute assets to compensate your spouse for the hidden or sold asset (s).
In the months leading up to a divorce, a husband might buy himself a brand-new Porsche outright. He intends to deprive his wife of at least £100,000.
The value of the Porsche may have halved by the time the court considers it. However, the judge would be perfectly justified in distributing assets, leaving the husband with the full cost of the purchase, depreciation, and asset transfer as if the £100,000 had remained in the savings account.
Finally, hiding/selling/transferring assets to deprive a spouse of a fair share in divorce and deceive the court is a criminal offense punishable by imprisonment.
Engage the Services of an Experienced Divorce Attorney for a Better Outcome
An attorney should prioritize mediation or collaborative divorce over litigation. Both spouses fare better in structured processes in which they negotiate solutions to their financial and other disputes rather than allowing a court to decide. Seek advice from friends or contact an experienced Family Lawyer in White Plains, NY, which also provides information on state laws thoroughly.
