Divorce filings indicate an intent to separate what has been joined in marriage – one of which is the financial aspect. It makes sense that the financial matters should be cleared and realized. Financial disclosures would be one of the key elements you have heard of or read about when discussing divorce.
- What financial disclosure means – detailed information about the person’s assets, properties, and obligations should be provided. In California, a preliminary financial disclosure is prepared by both sides.
- Why disclosing financials is important – to prevent a spouse (or both) from hiding assets from the other, a frank and full disclosure is important. This is a critical step to achieving fair play and preventing any family disputes moving forward.
- How to prepare for financial disclosure – while both spouses can agree to be cooperative, preparing a complete and accurate disclosure may call for professional help. For example, we help our clients by providing a list of documents they can secure. An experienced divorce lawyer would be able to help you prepare a financial statement and meet disclosure obligations.
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