One of the reasons we wanted to discuss this topic is to give you peace of mind. When some people go through the divorce process, they bring up concerns that their spouse may not be completely honest regarding the extent of their assets. In other words, their spouse will take deliberate steps to avoid splitting certain things. Before we continue, we want you to understand that the court takes financial declarations very seriously and that both you and your spouse need to as well.
What Is Included in a Financial Declaration
One of the reasons why the court takes this document so seriously is that it will be the foundation for several financial issues during your divorce. Here are some of the things the financial declaration will include the money you receive in the following ways:
- Principal earnings
- Overtime, tips, and bonuses
- Pension or retirement accounts
- Additional employment income
- Veterans or SSA benefits
- Disability or worker’s compensation
- Unemployment
Furthermore, after you fill this form out, you will have to have it notarized. Why is it that important? Because when something is notarized, it equates to saying something under oath. Lying or misrepresentation of your assets could subject you to perjury.
How It Will Be Used
To be clear, the list above is merely a snapshot of some of the things that are included in a financial declaration. You will also have the opportunity to state the cost of your child’s medical needs, daycare bills, and shared debts. Without a complete picture of your assets and liabilities, equitable distribution is not possible.
This is one of the most important documents you will fill out during your divorce, and you should work through this form with your attorney. Your attorney will likely explain that you may be cross-examined at trial based on what you submitted in your financial declaration—and you risk more than perjury. Failing to declare your assets may lead you to lose all credibility, which could impact the rest of your case. Additionally, you could have to pay additional attorneys fees because of the legal fallout that will ensue.
Speak to a Family Law Attorney
The skilled family law attorneys at Cate & Brough will assist you with the financial declaration, the division of property, and the rest of the divorce process. If the financial declaration is overwhelming because you have a small business to consider or don’t know the entirety of your financial situation, leverage our advice and experience. Our job is to protect you and your interests, and you have our full support and commitment. Contact our office to schedule your consultation.
Cate & Brough, P.A.
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