QUESTION
In an amicable divorce, is it okay to minimize paperwork by omitting certain assets (car) from the settlement agreement?
Asked on Nov 11th, 2014 on Divorce - California
More details to this question:
The parties involved have already divided some community property in agreement and would like to keep it out of the settlement agreement. Is there any associated risk?
3 ANSWERS
4 Awards
Although the divorce process may be going along peacefully, I would suggest you disclose everything including separate property. Both parties have a duty to fully disclose their assets and debts. If the court judgement does not address a particular asset, it is considered unadjudicated. The other party can go back to court and request that particular community property asset(s) and/or debt(s) be divided. It is considered an "omitted asset" and if the court finds fraud in failure to disclose, it can award the entire value of the asset to the other party. Unless there is a real good reason to not disclose the asset or debt, it is better to avoid the potential risk and disclose it now rather it become an possible issue later.
Answered on Nov 11th, 2014 at 7:42 PM
Business Litigation Attorney serving Los Angeles, CA
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Gerard A. Fierro & Associates
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There could be a risk that one party seeks to adjudicate asset if it was omitted. It is safer to list everything and how it is being divided. Alternatively, you may be able to do a judgment on the basis that EVERYTHING has previously been divided and that there are no assets to be divided in the divorce.
Answered on Nov 11th, 2014 at 7:42 PM
Family Law Attorney serving Irvine, CA
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Law Office of Julie A. Ringquist
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Why would they want to leave it out? It leaves the "final" judgment open for objecting to later. One of the main reasons to set aside a judgment is because assets were not disclosed, or not distributed.
Answered on Nov 11th, 2014 at 7:41 PM