Most states mandate a financial affidavit and supporting documentation early in the proceeding. Requirements include tax returns, pay records, account statements, and debt documentation.
Nondisclosure supports later setting aside agreements.
Alternative Names:
Financial Affidavit|Mandatory Financial Disclosure
Why it Matters?
Nondisclosure supports setting aside a settlement years later, since agreements premised on incomplete disclosure may be reopened on discovery of concealed assets, which means thorough disclosure protects the disclosing party as much as it informs the other. Some states impose automatic penalties awarding the undisclosed asset entirely to the other spouse. Updating disclosures as circumstances change is separately required in many jurisdictions.
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Frequently asked questions
Why does thorough disclosure protect the discloser?
What penalties apply?
