Full disclosure of assets important in divorce

| Jun 18, 2014 | Divorce

When marital property is divided, it is based on a full and honest disclosure of all assets by both parties. However, when false or misleading information is given, the discrepancy may be reviewed by the court and the division revised based on new information.In a suit filed in a Texas court against her ex-husband after their divorce, an ex-wife stated that her former husband lied about the home they shared during their marriage.

The marriage began in May 2005 and ended, according to divorce documents, in November 2008. Their marital home was not subject to property division because her ex-husband said it was being foreclosed upon. In 2013, however, the wife said in her claim that she found out that the house was not in foreclosure when they divorced. She also discovered her ex was still living in the house.

In her suit, the ex-wife asked the court to order the residence to be sold with the funds divided between them. She accuses her former husband of fraud by nondisclosure, breach of fiduciary duty, breach of contract and common-law fraud. She is also asking for damages and costs as well as a restraining order.

In Texas, community property is generally divided equally between the spouses, and this includes real estate. As in this case, falsifying information about a residence might lead to an unfair division of the couple’s assets. A divorce attorney can review financial analysis of all assets that the parties have listed and help determine their eligibility and value. If a property is stated as being in foreclosure, an attorney may also help a client investigate that. If property division was based on false information, an attorney may help the client challenge it in a civil action.

Source: The Southeast Texas Record, “Woman demands ex-husband sell home“, Matt Russell, June 12, 2014




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