Divorce is always a complicated issue. Even when spouses can still communicate, the emotional toll of ending a marriage can set a lot of personal goals back and throw families into chaos. The effect can be worse when spouses do not get along or are trying to conceal assets from each other during the divorce process.
There are no specific or different rules for people trying to split high amounts of money or assets in a divorce, but the process can be more complicated than smaller estates. Any failure to disclose information or attempts to lie in court can invalidate agreements or make easier solutions like collaborative law impossible.
A Florida state representative is facing scrutiny after admitting she falsified disclosures about property. She originally claimed to not own a car, which she did, and owned several properties through a nonprofit organization. Three timeshares, which are also considered assets during divorce and other legal disclosures, were not disclosed even though an ethics commission ruled that they should have been included.
The lawmaker’s previous divorce proceeding included the split of assets from one home’s sale with her former husband. Civil fines for a failure to disclose assets could result in a civil penalty as well as administrative discipline.
People looking at a divorce involving large assets to split may wish to consult an attorney on inspecting disclosures and making sure that all pertinent properties and assets are included in the process. Legal representation from the earliest possible moment can help ease or shorten the length of a divorce proceeding.