Preparing a Divorce Financial Disclosure Statement
At the commencement of a divorce case, each party to the proceedings must complete what are known as divorce financial disclosure statements. Before a person commences the process of preparing a financial disclosure statement, there is some basic information to understand about the process and the document itself.
Collecting Supporting Data
The typical divorce financial disclosure statement typically requires a person to collect certain pieces of supporting documentation. These supporting materials are filed with the divorce financial disclosure statement with the clerk of the court.
Examples of the types of supporting data that is collected as exhibits to a financial disclosure statement include tax returns, paycheck stubs, records of different types of financial accounts and information about different types of insurance policies.
Completing the Standard Form Disclosures
Virtually every jurisdiction maintains a standard form divorce financial disclosure statement to be completed by each party to a divorce case. Generally speaking, no substitution is permitted for the standard form document utilized in a specific jurisdiction.
The form must be completed in its entirety. In order to make it clear to the court that nothing is overlooked, something should be inserted into each answer space on the form. If something is not applicable, that should be noted on the form.
Verification of Financial Disclosure Statement
A party to a divorce needs to bear in mind that a financial disclosure statement is a verified document. What this means is that a party to a divorce signs the document under penalty of perjury. If false information is included in a financial disclosure statement, the party providing that erroneous data can be subjected to significant sanctions by the court.
Updating Divorce Financial Disclosure Statement
The reality is that a person’s financial situation can change, even in a short period of time. During a divorce case, a party to a proceeding has a legal responsibility to update and disclose any material changes in the data included in the document. The failure to appropriately update a financial disclosure statement in a timely manner can result in a party to a divorce being sanctioned by the court.
Retain Legal Counsel
Properly making financial disclosures can be a complicated matter in some divorce cases. A person seeking to end a marriage usually is best served retaining legal counsel to assist not only in preparing a financial disclosure statement but in all other aspects of a divorce case. An attorney will schedule a no-cost initial consultation to discuss a case with a prospective client.
