In contested divorce actions, mandatory self-disclosure requires litigating spouses to automatically disclose a long list of financial information.

In most cases, mandatory self disclosure includes recent pay information; tax information (returns if a couple filed separately); recent bank and brokerage statements; current statements about retirement plans, insurance; documentation about obligations, including student loans, car loans, equity lines and mortgages, credit card statements as well as statements about financial opportunities, such as the appreciation of financial assets.

This information is conveyed in standardized forms, and is governed by the time standards of the court.

Nothing about mandatory self-disclosure prevents a party from additional discovery, and in complicated divorce actions -- for example, ones involving a family business, trust funds, or third parties -- additional disclosures may be needed.

As a rule of thumb, mandatory self-disclosure includes all the financial information a couple would need if they were going to a financial planner to do estate planning for retirement.

See Discovery.

Your Suggestion

1. Gathering Information for Self-Disclosure
   Gathering all the information required for manadatory self-disclosure may be time consuming, but rather than have a lawyer do it, a party can save money doing it himself or herself.
   Contributed on 7/9/2007 by: DivorceDex.com Staff

   Category: Legal Fees   (Applicable in All States)

Contribute Tip/Fact