New York state law dictates that in any marital action “in which alimony, maintenance or support is in issue, there shall be compulsory disclosure by both parties of their respective financial states.” The law is expansive, mandating extremely broad disclosure regardless of whether or not there are any “special circumstances” warranting court intervention.1
A complete sworn statement of net worth is usually the initial vehicle by which the parties disclose to one another the assets, incomes and liabilities at stake in a marriage that is going to be dissolved. There are 12 asset categories, ranging from bank accounts to tax shelters, patents to jewelry and artwork.2 Attorneys must certify the accuracy of the contents of the net worth statement. Hiding assets to prevent the trial court from making an equitable distribution of property supports a finding of economic fault.3 Once that finding is made, the court must consider the missing assets when making its distributive award.4 Even if assets turn up after trial, courts have the discretion to re-order valuations in light of new evidence.5
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