If your spouse has always handled the bank accounts, paid the bills, managed investments and filed the taxes, you may enter a divorce without knowing exactly what your family owns or owes. That lack of access can make it difficult to assess your financial position when property and support issues are being decided.
However, controlling the household finances does not automatically give a spouse greater ownership of the marital estate. You still have the right to a fair share of the marital estate under California law.
You are entitled to financial information
California law requires divorcing spouses to provide full and accurate disclosure of assets, liabilities, income and expenses. The legal obligation applies regardless of whether property is ultimately characterized as community or separate.
Financial records can be especially important when one spouse has always handled the family’s finances. Bank statements, tax returns, investment statements, loan documents, business records and other documents can help show what assets and debts exist and give a clearer picture of the marital estate.
Concealed assets can have serious consequences
One spouse cannot use their financial control to unfairly benefit themselves at the expense of the other during a divorce. If your spouse takes advantage of their control over the family finances to hide assets, transfer community property or withhold financial information, you may have legal recourse. The court may award you a share of the affected community property and, in some circumstances, the ensuing attorney’s fees and costs.
It’s worth noting that financial control does not mean that your spouse has done anything wrong. What matters is whether they have used that control to withhold information, conceal assets or interfere with your financial rights during the divorce. If you have any questions or concerns, qualified legal guidance can help you review the situation and determine what may need further attention.