In the event of separation or divorce, accurate and complete financial disclosure is made by both the spouses. The total asset and liability as on the date of marriage and date of separation need to be determined and disclosed.
The financial disclosure includes a sworn financial statement accompanied by a document brief, supporting the information described in the financial statement.
Why is Financial Disclosure important?
All decisions regarding the child, spousal support, property division will be determined on the basis of the spouse’s respective incomes and the number of children. Financial disclosure becomes really important to make these decisions.
The complete financial disclosure highlights the respective spouses’ incomes, assets and liabilities on specified dates as per the individual marriage circumstances.
Document Checklist for Financial Disclosure
Each spouse needs to arrange documents for their own financial disclosures along with their Lawyer. Any asset they want to be excluded from the list of assets for specified dates needs to be supported with valid documents and their reasons. There are many documents which are submitted as part of the Financial Disclosure including individually but not limited to: