What do you need to know about the financial disclosures at the outset of a Louisville divorce? Both parties are required to submit Declarations of Disclosure which include a comprehensive, full, accurate reporting of income and expenses, a schedule of assets and debts. These disclosures are required of both parties regardless of who is or isn’t listed on title or on an account or obligation. If it involves either or both of the former spouses it must be disclosed to the Court.
Here in Kentucky, with few exceptions any asset or debt obtained by either or both of the former spouses from the date of the marriage to the date of separation will be considered to be “marital property.” Marital property is to be equitably divided between the parties as part of the property division process of your divorce. The financial disclosures at the outset of a Louisville divorce are designed to provide the Court with a comprehensive picture of every asset or debt which may become part of the divorce case, as well as the financial circumstances surrounding each of the parties.
Many people don’t want their former spouse to know about every single penny, account or genuine value of an asset such as retirement accounts or a closely-held business. However, the relationship between spouses establishes one of the highest legal duties under Kentucky law: a fiduciary duty. This means that until the day your divorce is completed, you and your former spouse each owe each other a duty to act fairly and in good faith in all dealings with one another. Neither party is to act against the interests of the other or take advantage of their former spouse. The fiduciary duty applies to not only marital property by to either spouse’s separate property.
What impact does this have on the financial disclosures at the outset of a Louisville divorce? You need to fully understand your obligations under the law regarding your ongoing legal and financial obligations to a former spouse during a divorce.
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
