What is a financial disclosure in a divorce?

Mandatory disclosure documents in WI divorce

In family law cases, both parties are required to submit a complete, current and accurate financial disclosure statement.

What is a financial disclosure statement?

In a divorce, a financial disclosure statement is a document listing all known assets, debts and your income and monthly expenses, including:

• Credit card bills
• Mortgages
• Auto loans
• Personal loans
• Life insurance policies
• Retirement accounts
• Investments, etc.

This document is often the biggest homework item you will be given by your attorney and should be given the appropriate attention and time to complete as it often is the most important financial document in your case.

It is important to take the time to locate all information, even if that means pulling a credit report, and ensure everything is listed accurately. By signing a financial disclosure statement, you are declaring under the penalty of perjury that all information is true and correct as of the date you sign it.

What if my spouse lies in a financial disclosure statement?

If a party fails to list an asset on a financial disclosure statement, it opens the door for the divorce to be reopened down the road due to a lack of full disclosure. Should a party fail to list a debt on a financial disclosure statement, he or she will become solely responsible for that debt, despite it being a marital debt.

A financial disclosure statement also requires you to disclose any assets you have disposed of, either by selling or gifting, liquidating retirement accounts or investments, or just throwing items away, in the 12 months prior to the filing of the divorce action. Ultimately, if this was done without the knowledge or agreement of the other party, this can become an issue in the division of property in your case. When completing this form, we will compare your information to the information provided by the other party and determine whether additional steps are needed to gather information on the assets and debts.

Still have questions? Contact Wisconsin divorce attorneys today for more information.