Updated: May 2
In family processes, such as divorces, paternity cases, as well as modifications to Child Support or Alimony, there is a rule that requires the parties to disclose, automatically, without the other party requesting it, certain information regarding their financial status. This is what is known as mandatory disclosures. The objective of this rule is to make the family process more expeditious and transparent.
These mandatory disclosures must be delivered to the other party within 45 days after the demand that started the process has been received. For example, if you were summoned for divorce on July 1, you must submit the mandatory disclosures or disclosures on July 15. If necessary, the parties may request an extension of time to file the required disclosures. This can be done through an agreement between the parties, or with a request to the court. Said request shall be filed, at least five days before the term of the initial 45 days is met.
The documents to be delivered in these mandatory disclosures include the Financial Affidavit. There are two types of financial affidavits: the long version, which is for those who make more than $ 50,000 a year; and the short version, which is for those who earn less than $ 50,000 a year.
In conjunction with financial affidavits, the parties are also required to provide copies of tax returns, copies of bank statements of all checking, savings, and other accounts held; copies of the financial statements of all credit cards, as well as their payment history; copies of the rental contracts for the home, or a copy of the mortgage on the home; copies of life insurance, vehicle insurance, medical, dental or any other form of insurance. Copies of the payment forms, or information on how the income is received, must also be provided. Other documents that must be provided are copies of the vehicle ownership, or lease, copies of all the loan applications made in the last year, and a copy of business financial documents owned by the parties.
This is not a complete list, your lawyer, once the pertinent questions have been asked, may request other documents that need to be sent to the other party.
There is an obligation to keep these disclosures or mandatory disclosures up to date. If either party experiences a change in their income, or any other significant change, such as the loss of an asset, they must notify the other and update their financial affidavit. Family processes can also take years to resolve, which is why, on many occasions, this information must be updated, as undoubtedly the circumstances between the parties change over time.
Family processes are complex, long and strenuous. Trust an attorney to help you with your case. At Y. Morejon Attorney, P.A. the first consultation is free. Let us help you with your process. Here, your problem is our problem.
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