What if one party conceals joint property at divorce
What if one party conceals joint property at divorce
Divorce ends a marriage or civil partnership. Couples must agree on various separation problems throughout this procedure. Both parties sign a divorce or settlement agreement to specify these arrangements.
The divorce agreement addresses property distribution, child custody and visitation, child support, spousal support, health insurance, other benefits, taxes, debt and obligations, and name change. Let's investigate each problem.
Divorce agreements must handle property split first. The couple must divide their marital assets and obligations, including the family house, automobiles, bank accounts, investments, retirement accounts, and other assets.
Second, parents must agree on child custody and visitation. This entails choosing who will have primary custody and how much time the non-custodial parent will spend with the kids. These decisions should prioritize children's best interests.
Thirdly, the non-custodial parent pays child support to the custodial parent to offset child-rearing costs. The divorce agreement should set child support amounts, methods, and duration.
Fourthly, one spouse pays the other spousal support, or alimony, following a divorce. The agreement should set spousal support amounts, methods, and duration.
Fifthly, the divorce agreement should handle health insurance and other advantages, such as who will pay for the children's insurance.
Sixth, divorce affects taxes. The divorce agreement should address who will claim the children as dependents on their tax returns.
Seventh, the divorce agreement should cover marital debts such as credit card debt, mortgages, vehicle loans, etc.
Finally, the divorce agreement should state whether one spouse will revert to their maiden name or preserve their married name.
As a result, a divorce agreement is crucial. While discussing a divorce, couples must carefully analyze and address the topics above. This reduces friction and ensures a fair and equitable divorce.
Robert Zhang 
Steve Li 