Common use of DISCLOSURE OF ASSETS Clause in Contracts

DISCLOSURE OF ASSETS. Each Spouse warrants to the other that they do not have any knowledge of any assets and property other than those disclosed in accordance with Section XIII. If the Couple has waived their rights to financial disclosures, then this Section shall not apply to this Agreement. If either Spouse has any knowledge of any asset or property other than those disclosed in accordance with Section XIII, the Spouse that did not disclose said assets and property shall transfer or pay to the other Spouse, at their sole decision, one of the following: If the asset or property is reasonably susceptible to division, a portion of the asset equal to the Spouse’s interest in it; The fair market value of the Spouse’s interest in the asset on the effective date of this Agreement, plus interest at the maximum rate under state law or ten percent (10%) per annum, whichever is greater, from the effective date to the date of payment; or The fair market value of the Spouse’s interest in the asset on the date on which the other Spouse discovers the existence of the asset, plus interest at the maximum rate under state law or ten percent (10%) per annum, whichever is greater, from the discovery date to the date of payment. This provision shall not be deemed to impair the availability, in a court of competent jurisdiction, of any other remedy arising from non-disclosure of assets.