Mandatory Financial Disclosure

The Marriage Zone: Mandatory Financial Disclosure
By Christopher C. Meyer
©July 2008


If you are thinking about getting a divorce or legal separation and you are concerned about whether the other party will provide you with financial information or how much information you’re going to have to provide to the other party, you must understand that Court rules require mandatory financial disclosure. As a practical matter, this means that you cannot hide or fail to disclose information regarding your financial situation.

Each party has an affirmative obligation to provide the other party with a sworn financial statement that includes all the information regarding your accounts and expenses. You also have an affirmative obligation to provide supporting information such as income documentation, tax returns, credit card statements, and bank and financial account information. “Affirmative obligation” means that you are required to provide the information without the other party having to ask for it. The Court will require that you exchange the mandatory financial disclosures prior to the initial status conference, that usually is scheduled within 40 days of the petition being filed.

You are under a continuing duty to supplement or amend your financial disclosures in a timely manner. If, for example, your income changes after you have provided your mandatory disclosures, you have to inform the other party of the change and provide documentation as well.

It is important to note that the parties are not limited to the information covered by the mandatory disclosure requirement. The parties are free to request additional information regarding the other party’s financial situation. For example, parties commonly request bank and financial account information covering years prior to filing the petition.

What happens if you fail to provide the mandatory financial disclosures? If you fail to provide the information and you have the ability to obtain it, the Court will impose appropriate sanctions. Don’t even think about trying to hide any assets. The other party will eventually discover it, your credibility will be irreparably damaged, and your case will suffer.

Remember that in the marriage zone, the rules require that the parties and the Court have the best financial information available in order that the parties and the Court can make the best decisions possible based on that information.

This article is for informational purposes and does not constitute legal advice concerning your case.

Chris Meyer is an attorney practicing family law in Monument. Chris’ law practice is limited to domestic relations cases. Chris has been practicing law since 1977. He is a former prosecutor and is licensed to practice law in Colorado, Florida, California and Wisconsin. Chris can be contacted at 719-488-9395. Chris’s website (www.cmeyerlaw.com) has additional divorce and family law information.