[ Ссылка ] Why It’s Important That Declarations of Disclosure Are Accurate - Richard Ross Associates

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Each party of a divorce action is required to file a Preliminary Declaration of Disclosure within 60 days of the Petition for Divorce being legally served. The court may not always strictly enforce the 60 day deadline, however the divorce cannot be finalized without at least the Preliminary Declaration of Disclosure being filed by each party. A Final Declaration of Disclosure is typically filed at the end of the case but can be waived upon agreement by both parties.

The Declaration of Disclosure consists of two different legal documents - the Income and Expense Declaration and the Schedule of Assets and Debts, both of which require further documentation to be attached.

An Income and Expense Declaration (FL-150 form) details a person’s income and household expenses. It includes information on current place of employment and the earnings there, as well as other sources of income; age and education history; most recent tax filings’ value of any financial assets; name, age, relation of anyone living with them, their current income, and whether or not they pay any of the household expenses. Also included is a list of either actual or estimated monthly expenses including any installment (credit cards and loans) debts. Lastly information pertaining to attorney fees paid to date and outstanding is also requested. Two months’ worth of paycheck stubs should also be attached to the Income and Expense Declaration before it is filed or served other party.

The Schedule of Assets and Debts (FL-142), which makes up the second part of the Declaration of Disclosure, list all of the assets and debts in either or both parties’ names, including if any of it is believed to be separate property. All assets should include the date it was acquired, current fair market value, and the amount owed, as well as any financial document pertaining to those assets. Each party must also accurately declare any debts in their name and the total amount owed, with the most recent statement if available.

Both these documents must be signed under the penalty of perjury, filed with the court, and served on the other party. If some values are unknown, providing estimates is permitted, the court is mainly concerned with anything not being listed or being wildly inaccurate.

The purpose of the Preliminary Declaration of Disclosure is for each party, and the court, to have a clear understanding of what the marital assets and debts are so that they can be equitably divided. Cases with more complex assets and debts, including ones where multiple properties and/or businesses are owned, may require additional documentation, use of experts and perhaps even hearings scheduled to settle any disputes related to the complicated matters.

It’s important that the Declarations of Disclosure are completed as accurately as possible because if anything is found to be missing later it could be considered as an omitted asset and be grounds for the case to be re-opened and possibly even have part or all of the final judgment overturned.

Certified Family Law Specialist Richard Ian Ross has been practicing Family Law in California for almost 40 years where he has relied heavily on his background in psychology and interpersonal relations to consistently deliver exceptional results on behalf of his clients in all family law matters including divorce, child custody, move-away, asset protection, support and other domestic matters. Richard has built his firm, Richard Ross Associates, based on this experience and prides himself on building a team of knowledgeable colleagues who will do the same.

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