Often, divorcing couples will need to reach agreement concerning finances. The foundation for any such agreement is that both parties are full and frank in disclosing all their financial circumstances to the other. This is especially important in cases where a couple may have been separated for several years and may not be so familiar with the other’s situation.
There have been situations where one party has hidden savings or assets. This has only come to light after an order made by the court to reflect the agreement. In this type of circumstance, the party that has not been honest in their financial disclosure can expect to be punished by the court. The entire matter will be re-opened and a punitive financial settlement will be imposed. In addition, an order may be made for the guilty part to pay the other’s legal costs for the whole process.
With this in mind it is always better to ensure your financial disclosure is full, frank, open and honest, ensuring that all assets and income are disclosed at an early stage.