If you’re going through the process of getting divorced (or plan to in the near future), one thing you’ll want to be aware of is the importance of completing a preliminary financial disclosure. This disclosure should be filled out by both you and your soon-to-be ex spouse, as these disclosures play an important role in how marital assets and finances will be divided once the divorce is granted by a judge.
By having a better understanding of what a preliminary financial disclosure entails and how these forms can affect your divorce, you’ll be better prepared moving forward.
What is a Preliminary Financial Disclosure?
Specifically, a preliminary financial disclosure refers to a series of documents that is filled out by each party in the divorce process. These documents outline, in detail, a list of debts and assets from each party in the divorce. This may include outstanding debts on a mortgage or car, assets in the form of property, and just about every other financial detail in between.
In general, when filing for divorce, each spouse will be required to fill out a form known as a Declaration of Disclosure. This form includes details about assets and debts; once completed, it is formally served to the other spouse. In some cases, additional forms may also be required, though this can vary based on the state’s specific divorce laws.
How Does a Preliminary Financial Disclosure Affect Divorce?
Being as transparent, accurate, and honest as possible while filling out a preliminary financial disclosure is a must. This is because in divorce court, all assets and debts will typically be considered as community property. This means that everything will be divided 50/50 by default. With this in mind, it is imperative that each party in the divorce accurately reports his or her debts and/or assets so that a fair decision can be reached.
If one spouse is found to be dishonest or inaccurate in reporting on a preliminary financial disclosure, the other spouse may return to court to request a revision of the asset division. This can lead to more time in court and more headaches for both parties. With this in mind, it’s best to be up-front and accurate when filling out these forms the first time around.
When to Seek Help From a Divorce Lawyer
If you’re going through a divorce, it’s always a good idea to retain the services of an experienced divorce lawyer. He or she will be able to walk you through the process of filling out your disclosure and represent you through every step of the process.
Looking for a knowledgeable and experienced divorce lawyer? Our team at Erica Bloom Law is here to help. Contact us today to schedule your free consultation and find out more about what we can do for you during this difficult time!