What is economic fault?

Getting divorced in New York is a complex legal matter. You don’t just sign papers and things magically work out. It takes time and effort. It takes tenacity to fight for what you know is right. When allocating assets and establishing child and spousal support structures, it is important for everyone to be on the same page. When a trial starts, everyone will disclose financial information to ensure a clear fiscal picture of the marriage. This is the most time-consuming and detail-oriented part of a long process called “discovery”. This is a crucial piece of the pie for both the parties getting divorced and the court hearing the matter. When that information is false or manipulated, it can impact the judgment of issues, including alimony, child support, and the division of assets. We hope that everyone is forthright but this is not always the case. In some situations, a forensic accountant may need to step in. Sometimes this is ordered by the court. Other times, it is brought forth by one party that believes the other is lying.

Economic fault can be a great factor in a divorce. There are numerous instances of where economic fault can impact a divorce. Generally speaking, economic fault is the dissipation of assets, including wasting marital property through acts including excessive borrowing, gambling, extravagant spending, and more. If one party was found to manipulate the family’s financial situation because of the impending divorce or otherwise, the court may act in favor of the other party. Just because one person spent all of their money so they didn’t have to pay child support or alimony doesn’t mean they shouldn’t. In some cases, the award to the other party had been greater than what would have normally been given.

It is important to protect yourself. If you believe that your spouse is hiding something important or guilty of economic fault in any way, it is crucial that you fight for what you know is right. If you need quality legal support, contact our firm to discuss your legal matter.