Disclosures are used to gauge one’s financial standing. In divorce, financial disclosures are used to divide property between spouses fairly.
The business of sorting out what goes to whom in a divorce becomes more difficult in Community Property States (which includes California), where everything earned or bought by the spouses during their marriage are considered jointly owned. And so proper disclosure of properties, assets, debts and expenses should be done by divorcing couples – or else face serious penalties from the court.
There is a standard disclosure form to fill out in California divorce. Form FL-140 is a form for Final Disclosure where you attach all the other forms required by the court, like the Income and Expense Declaration, Schedule of Assets and Debts, and various statements like a list of your joint assets and debts and their method of valuation. Since a divorce can happen long after a couple separated, your disclosure can also include a list of all investments done after separation.
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.