In every domestic relations action (divorce; temporary separation; separate maintenance; parentage; custody; child support; and modification), each party is required to submit a financial declaration. The financial declaration can be the single most important form you fill out in your case. The following is a guide to what a financial declaration is, why it is necessary and how to fill one out.
What is a Financial Declaration?
A financial declaration is a form detailing your income, assets, debts and expenses. The financial declaration includes the court-approved form along with copies of your financial documents. When submitting a financial declaration, you are required to also attach copies of statements verifying the amounts listed in your financial declaration for every item and amount listed, excluding expenses.
Why do I need to fill out a Financial Declaration?
Other than being a requirement of the Court, why do you have to fill out a financial declaration? There are several reasons why, but first and foremost the financial declaration provides the Court and both parties with a comprehensive listing of all the financial assets of the parties. This is important as when you are going through a divorce, you need to be able to address the division of all the assets of the parties. The financial declaration assists in identifying the financial assets of the parties.
Another very important reason is the financial declaration provides information regarding the earnings or earning capacity of an individual. A party’s gross income is used by the Court in determining child support. Likewise, a party’s net income and expenses are used by the Court in determining an alimony award. The information provided in the financial declaration can also be used to determine if one party is entitled to their attorney’s fees or other reimbursement.
The financial declaration must be filed before a Temporary Order Hearing can be set in your case. Otherwise, the financial declaration is provided to the other party in the discovery process.
How do I fill out a Financial Declaration?
The first and most important thing to remember when filling out a financial declaration is to be honest, upfront and accurate. Hiding, misreporting or omitting information on a financial declaration will not help your case.
You will find our Financial Declaration Information Form by following this link. You must fill this out as completely as possible. For additional help or information, please contact Sorensen Law Group, P.C. to set up a consultation.