Complete Financial Disclosures (Divorce or Legal Separation)

California requires honest and complete financial disclosures in dissolution and legal separation cases. This includes the disclosure of your income, expenses, assets and debts, as well as your tax returns for the prior two years. Use these forms to complete your mandatory disclosures.

The courts take disclosure rules seriously. Failure to properly disclose your financial circumstances will delay your case and can subject you to significant financial sanctions.

The Declaration of Disclosure functions as something like a cover page to your financials. Because you're required to attach any tax returns you've filed in the prior two years, this form does not get filed with the court. It only gets served.

To properly disclose your assets and debts, you can complete two Property Declarations (one for community property and one for separate property) or just one Schedule of Assets and Debts. We recommend using two property declarations, particularly if you're filing a petition. Community and separate property declarations can serve as important attachments to a petition or response, and make it easy to separate community and separate property.

The Family Code mandates the disclosure of extensive financial documentation. The following documents must be served to the other party (but not filed with the court!): 

• For real estate: deeds with legal descriptions and the latest lender's statement.
• For vehicles, boats, trailers: the title documents.
• For all bank accounts: the latest statement.
• For life insurance policies with cash surrender or loan value: the latest declaration page.
• For stocks, bonds, secured notes, mutual funds: the certificate or latest statement.
• For retirement and pensions: the latest summary plan document and latest benefit statement.
• For profit-sharing, IRAs, deferred compensation, and annuities: the latest statement.
• For each account receivable and unsecured note: documentation of the account receivable or note.
• For partnerships and other business interests: the most current K-1 and Schedule C.
• For other assets: the most current statement, title document, or declaration.
• For support arrearages: orders and statements.
• For credit cards and other debts: the latest statement.

Use the Income and Expense Declaration to disclose your income and monthly expenses. If you receive income from wages, retirement or cash benefits, attach verification (pay stubs or other written verification) of your income for the past two months. If you receive self-employment income, attach profit and loss statements for the last two years. 

After your financial disclosures have been sent to the opposing party, finalize the process by completing and filing the Declaration Regarding Service of Declaration of Disclosure and Income and Expense Declaration (yes, that is really the name). The court requires this form to be properly completed and filed for a judgment of dissolution or legal separation to be entered.