Maintaining a sense of privacy is important to most people. But protecting that privacy can be hard, especially when going through a divorce and dealing with things such as property division, alimony and child support, when people are expected to disclose all of their personal financial information. For some, this also means handing over financial data from businesses or partnerships.
In general, most businesses in Louisiana prefer to keep their financial information private from the public. Protecting that proprietary information becomes a lot harder when company finances and even client data have to be disclosed during divorce. Requesting a confidentiality agreement can be key to maintaining that baseline level of privacy.
Take for example a business owner who has to disclose his or her business’ income, debts, other financials and maybe even client data. A confidentiality agreement should identify all of the documents that are considered confidential, and which information cannot be shared with anyone outside of those who are directly involved in the divorce. So while an attorney or mediator might reasonably have access to certain information, friends, family and social media should not.
It is not necessary to extend a confidentiality agreement to one’s personal financial accounts, although it can be tempting to do so. Understanding that not all financial documents must be confidential is an important step during divorce, but determining what should and should not go into a confidentiality agreement is about more than just dividing personal and business financials. To ensure a confidentiality agreement is utilized as well as possible, it might be helpful to seek guidance early on in the process.