fiunancials2“Cut and cut cleanly,” goes the saying, and is particularly important in divorce, so that bank accounts, property, investments, and debts can be divided fairly between divorcing spouses. The best way to do this is to require that both spouses declare (disclose) all their property, assets, and liabilities.

Under California law, the courts require ‘Declarations of Disclosure’ served from both spouses in order for them to complete the divorce. Disclosures at the start of a divorce case are called ‘preliminary disclosure’. A more complete and up-to-date ‘Final Disclosure’ can be submitted later, though this can be skipped if both spouses agree on it.

Completing the final Declarations of Disclosure is time consuming – investments, even credit card statements, should be disclosed so divorcing couples should start updating their disclosures early. And, like the IRS, the court imposes stiff penalties on those who fail to properly disclose their incomes, assets, debts and expenses – you could be made to pay fines, pay your spouse’s attorney’s fees, or lose a property to your spouse.

A well-made declaration of disclosure is needed for you to “cut and cut cleanly” from your marriage – and neatly tie up the loose ends.

If you or someone you know is in need of professional representation in a divorce, custody or any other family law situation, don’t hesitate and call the attorneys at the Law Offices of Bowman and Associates at 916-923-2800.