SPOUSE'S FINANCIAL ASSETS
A divorce is usually an intensively emotional process for divorcing parties, and it is common that parties commit the mistake of making emotional-based decisions which are often not financially practical. In such event, divorcing parties may resent when asked the extent of which they are willing to compromise in order to obtain certain concession(s) from their spouse during the negotiation process.
In the event an aggressive stance is adopted, undue tension between parties arises and diminishes any prospect of an amicable resolution. It is therefore advisable to approach the divorce amicably through constructive discussions and mediations so that the divorce could be resolved quickly and efficiently. Parties usually benefit from amicable resolutions as the costs involved would be considerably lower and tensions between parties are kept to minimal.
It is common that divorcing parties may not be fully aware of his/her spouse’s financial assets (i.e. retirement account, bank account, etc). It is advisable for parties to be aware of each other’s assets as it would facilitate the negotiation for the division of matrimonial assets.
In a contested divorce, parties would exchange documents disclosing all their financial assets and liabilities soon after the divorce papers are filed. However, in cases where a spouse is not being honest in his/her disclosure, a divorce lawyer may be required to take extra steps to obtain authorizations to access the other spouse’s financial documents.
It is therefore important for parties to seek independent legal advice before contemplating divorce when dealing with the equitable distributions of assets and liabilities after divorce.
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