Monday, December 12, 2011

In most states can divorcing spouses agree not to disclose their financial information?

If they agree on custody and the one that gets custody doesn't want child support.|||No, they cannot. When you are married, all assets acquired during the marriage are marital assets. They have to be divided per mutual agreement or according to the laws in your state.


As for child support, children have the right to be supported by both parents. The court has to order child support, that is the law. It is up to you if you want to enforce the order or not.





Good luck|||Child support is a right of the child and not a right of the parent with custody. Because child support is generally based on financial information, you generally cannot waive this requirement by agreement. The only way to avoid disclosing financial information is if it is permissible by law and you can convince the judge that it is irrelevant.





Financial information is a broad category, so you most likely would not have to disclose financial information that has no bearing on child support. For example, if child support is based on income and not wealth, you most likely would not need to disclose bank accounts and stock ownership. In addition, in some states, if you agree to pay the maximum amount of child support permissible by law, then your actual income is not relevant.





The specific details will depend on the applicable state law. Assuming you have an attorney, your best bet is to ask him or her.|||It would depend on state law. But in general, no. Child support isn't for the parents, it for the benefit of the child. As such, the court must be convinced that a waiver of child support is in the best interests of the child. Without financial disclosure, they can't do that.|||To whom?





The IRS will want to know. So may others.





Please make sense.

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