What Kind Of Financial Disclosures Are Required In My Divorce?
In a California divorce, spouses – under oath – must disclose all of their financial information using a “Declaration of Disclosure.” This disclosure must include all financial information, including bank accounts or credit balances in only one spouse’s name.
The law requires each party to act in good faith and fair dealing so as not to take unfair advantage of the other in their new chapter after the divorce.
What’s Included In The Declaration Of Disclosures
The Declaration of Disclosures, which are exchanged, or served to each spouse, at the beginning of the divorce as well as at the finalization stage, must include a catalog of:
- All joint accounts
- All debts
- Value of all community property
- Value of all separate assets
- Separate accounts
- Separate liabilities
- Any inheritances received
- Two years of tax returns
- Real property appraisals
- Personal property appraisals
Veiling income or assets could result in sanctions, so it is essential to include as detailed a list as possible.
The Preliminary And Final Declaration Of Disclosures
The Preliminary Declaration of Disclosures are exchanged at the beginning of the case. The declaration exchange in the final stages of divorce are the Final Declaration of Disclosures. While it is possible to waive serving the Final Declaration of Disclosure, it is best to speak with an experienced family law attorney first.
At Song Family Law, APLC, I can help you prepare your Preliminary Declaration of Disclosure and help you determine whether you are able to waive the Final Declaration of Disclosure. The court requires a strict timeline for serving these disclosures. The Petitioner will need to serve their Preliminary Declaration of Disclosure within 60 days of filing the Petition; and the Respondent has 60 days after filing their Response to do likewise.
Contact Song Family Law, APLC, In Mission Viejo Or Orange For Assistance