Do I need to Provide Financial Disclosure?

One of the first steps in negotiating a family law agreement is to exchange financial statements. If you are in the process of separating, you have probably told your lawyer that one of your main goals is to "finish" the process as quickly as possible. However, sacrificing full economic advertising for efficiency can have serious consequences.

 

Although it may take time, financial disclosure is a necessary step to ensure that both parties fully understand the consequences of their agreement. However, the parties have the right to enter into an agreement outside the scope of the legal framework, without a baseline for comparison (i.e .: what am I legally entitled to?), It is impossible to know how good or bad the proposed settlement is.

 

In addition, the lack of basic financial disclosure opens up to challenge your contract. For example, if a spouse fails to disclose relevant financial information, the contract may be set aside by the court despite the other spouse's request for full disclosure. On the other side of the question, if a spouse agrees to proceed with the contract without requesting full disclosure from the other, he cannot rely on a "lack "Financial disclosure" as a basis for resuming once the matter is resolved.


In the court process, there are no options; Full financial disclosure is required under the rules of family law. Please contact one of our experienced lawyers at Lloyd & Kemper LLP for more detailed insights and recommendations.