Divorce in Tennessee: An Overview of Financial Disclosure Requirements

In Tennessee, a divorcing couple's property and assets are divided in an equitable manner  (Tennessee Code § 36-4-121). Equitable means “fair”—and it may or may not be a 50/50 split between the spouses. In order to determine what is equitable, you need to know what both you and your spouse actually own. For this reason, our state requires divorcing couples to make full and accurate financial disclosures to each other. Here, our Franklin divorce attorney provides a more comprehensive overview of the financial disclosure requirements in Tennessee.

Know the Law: Financial Disclosures in Tennessee

In Tennessee, parties to a divorce have a general obligation to provide each other with accurate financial information. However, unlike in many other jurisdictions, full financial affidavits are not mandatory in our state. Instead, under Tennessee Code § 36-4-116(b), a judge may require a sworn statement regarding finances from any party to a divorce. The judge has the discretion to demand these sworn statements to verify the financial status of each party. In high net worth divorce cases, the court is more likely to require each spouse to provide a sworn statement of their finances.

An Attorney Can Help You Prepare Financial Disclosures

For a person going through a divorce, navigating the complexities of financial disclosures can be a daunting task. You do not have to figure out everything alone. A top-tier Tennessee family law attorney with experience handling financially complex divorce cases can help you determine the best path forward. Among other things, your lawyer will ensure that any sworn statement that you make regarding your finances is comprehensive, accurate, meets legal requirements, and puts you in the best possible position to get a positive outcome in your divorce case.

What to Do If You Suspect Your Spouse is Hiding Assets

What do you do if you suspect that your spouse is hiding assets? Unfortunately, it is a common problem that many people face in divorce cases. A proactive approach is a must. Here are five steps to take if you are concerned that your spouse is hiding property in your divorce:

● Document Your Suspicions: Keep a record of any instances or evidence that lead you to believe assets are being hidden.

● Hire a Forensic Accountant: These professionals specialize in examining financial records to uncover discrepancies and hidden assets.

● Request Detailed Financial Information: Through your divorce attorney, demand comprehensive financial disclosures from your spouse.

● Inspect Public Records: In many cases, hidden assets can be traced through public records such as property or business ownership documents.

● Use Legal Discovery Tools: Utilize subpoenas, depositions, and requests for production of documents to gather more detailed financial information.

Contact Our Franklin, TN Divorce Lawyer Today

At Campbell Perky Johnson, PLLC, our Tennessee divorce attorneys have the legal experience you can trust. If you have any questions about financial disclosure requirements and divorce, please do not hesitate to contact us for a confidential, no obligation consultation. With a law office in Franklin, we provide divorce representation in Nashville and throughout the region.

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