One must disclose previous held assets that were held before marriage on a divorce decree?

Question

Property was owned by me..only.. and sold previous of marriage. Must I dislose any monetary investment gain of this on divorce papers.

Answer 1

First, you don't disclose property in a divorce decree. You disclose it during the litigation process.

What you have to disclose and how you have to disclose it varies by state law. In New York, you are required to fill out what's known as a Net Worth Statement, disclosing ALL assets you own, no matter when acquired. However, once you've disclosed your assets, you can assert that those not acquired during the marital period (date of marriage through date of first filing for a divorce) is exempt from equitable distribution. However, they are used to determine whether an upward deviation from the child support standards is appropriate.

Other states may have different rules, and this is a complex area of law. You should consult an attorney in your state.

Answer 2

If it was sold previous to the marriage, no.

You may need to disclose the proceeds of the sale -- that depends on the state/province and whether it follows community property laws.

But don't just leave things out entirely. Put an entry to the effect of "additional property owned and sold prior to start of marriage not listed"

Answer 3

Any proceeds you still owned at the time of marriage may need to be declared. The amount of gain, is never relevant. Only the actual value of what you own.

Answer 4

i agree...never disclose personal assets acquired prior to the marriage (unless you put his name on it)....
also...check with your divorce attorney on this...cause you know things do change from state to state....

good luck

Answer 5

you should not have to disclose anything that happens before you were married.