As part of the divorce, there is a requirement to exchange financial information. This is called a Mandatory Disclosure. It includes financial affidavits and a list of supporting financial documents. How much one makes, how much they spend, a list of assets, financial liabilities and more. Basically everything that has numbers must be included.
Even if you do not work or feel you do not have any assets it is a MANDATORY step. Most people cringe at that thought of this step.
Here’s why it is for your own protection.
If your spouse files a financial affidavit stating that they have no savings, but later down the road it is discovered that they had an undisclosed account, the case can be reopened to revisit the issue of the equity distribution. There is no statute of limitations to this right.
It is a safeguard for the spouse. It also protects the other spouse.
Disclosures must be exchanged before negotiating a settlement agreement. Spouses in some cases do have a right to waive the financial disclosure if both agree, but this is generally strongly advised against.
