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Two reasons why disclosing income and assets is important in a divorce case in Yuma

Yuma, AZ Divorces are focused on money in many ways. Aside from the expenses that each member of the couple must spend on legal and court fees, their financial situation is important for a number of other reasons as well. Finances are a crucial part of child support calculations and the property division aspect of the divorce case. Anyone who is about to get divorced should retain their own attorney and thoroughly review their finances to try to get the best result out of their divorce case. 

Property division is a crucial aspect of a divorce case

For many divorcing couples, the phase of property division will be the most lengthy and complex. If the couple has a large amount of property or a long term marriage, property division can take over a year. Things like a person’s bank accounts, investments, real property, business interests, and other items may all be subject to division during this phase of the case. If one spouse attempts to avoid these kinds of disclosures so that their property will not be considered during the case, they can be sanctioned by the courts in various ways. However, it is not always easy for each spouse to know whether all assets have been disclosed by their former partner, which is why assistance from family law and financial professionals may be necessary to uncover these hidden assets. Even if the couple comes to a divorce settlement, all income and assets should be disclosed during settlement negotiations as well. 

Child support needs to be based on accurate figures

The single most important factor in determining a child support payment is the income of both spouses. Each parent is required by law to disclose their income sources from employment, investments, and other places. The judge can then make a determination of a proper support amount based on the custody arrangement and the formula that is used to see what percentage of the income needs to go towards child care expenses such as healthcare and education. As with other financial obligations imposed by a court, child support is mandatory once ordered and a parent who attempts to pay less by not totally disclosing all of their income can be placed in contempt. 

Divorce lawyers are available to help

Schneider and Onofry is a firm that handles family law issues for people in the Yuma, Arizona area. Those who have questions about divorces, child custody, alimony or related matters. 

USAttorneys.com is a web service that works with people to help them find a lawyer in their city or state. Anyone who is looking for the right attorney can call 800-672-3103 for assistance.

Firm contact info:

Schneider & Onofry, P.C.

207 W. 2nd St., Yuma AZ 85364

928-257-4887

soarizonalaw.com

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