West Virginia is in the top 10 states with the highest divorce rates. That’s why it’s important for residents to understand some of the nuances of the divorce process. For example, it can be important to have confidentiality agreements related to finances in some divorces. This is particularly true if one or both parties in the divorce is an officer or owner of a company.
Confidentiality agreements in divorces don’t apply to normal personal financial documents. Many married couples keep at least one joint account, and they’re likely to discuss the details of their salaries, bonuses and other compensation. But confidentiality agreements may be needed when one spouse owns or co-owns a company that could be considered marital property.
Financial information related to a company can be considered sensitive. No one wants data about their business to leak to a competitor or to the general public. A leak could create problems and upset shareholders, which is why that kind of data is often governed by a confidentiality agreement in a divorce. In such an agreement, the spouses and lawyers agree that they won’t make sensitive information available to people who don’t need to see it for the purposes of the case.
In some cases, when a prominent person is involved in a divorce, there may also be a confidentiality agreement for their personal finances. However, this is uncommon. This kind of confidentiality is typically only seen as necessary for figures like politicians, actors and professional athletes.
An experienced divorce attorney may help their client understand whether a confidentiality agreement is a good idea for their particular divorce. The attorney may also answer their client’s questions about property division, child custody and other aspects of the divorce.