Divorce Q&A: What is a Financial Disclosure Statement?

Precision is important in divorce cases. Everything from how much your house is worth to how much credit card debt you have and what’s in your bank and retirement accounts are all numbers used in preparation of your final divorce judgment.

However, spouses aren’t always honest when it comes to divorce. Often, spouses believe they can lie about how much they have in an account. And while you technically can lie on a Financial Disclosure Statement, you won’t want to.

But, what is this document and how does it play a role in your divorce?

What is a Financial Disclosure Statement?

A Financial Disclosure Statement is what it sounds like: A form where you disclose your income and monthly living expenses as well as any current debts and non-marital property.

The purpose is to present a comprehensive idea of your financial well-being and to present the court (and opposing attorney) with an idea of what settling the case will take.

Is Supporting Documentation Required? 

Because the Financial Disclosure Statement is important (and a requirement in any divorce case), you must provide documentation to support the figures you put on the form. For example, if you put that there is a certain amount of money in a bank statement, you must print out monthly statements from that account to support the claim.

You won’t need to provide documentation of every last expense. However, if your spouse’s attorney believes that more information or support is necessary, you may go through a process known as formal discovery. This is much more extensive document production process that requires years of statements in many cases.

If you’re going through a high net worth divorce, extensive discovery is to be expected. However, it’s often unnecessary in typical, more straightforward cases.

Learn More About Financial Disclosure Statements and Other Required Steps in Your Naperville Divorce at Lawrence R. Surinak Ltd.

If you’ve been considering divorce but aren’t quite sure about the process or necessary forms like the Financial Disclosure Statement, contact the team at Lawrence R. Surinak Ltd.. We have over 35 years of experience in family and divorce law.

Take advantage of your free 30-minute consultation by contacting Larry at 630-470-9990 or filling in our simple online form to select a time. We look forward to speaking with you and helping you better understand the divorce process.

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