Full Financial Disclosure

Full Financial Disclosure

Suffolk & Nassau Counties Divorce Attorney

During any matrimonial action in which alimony, maintenance, and/or support are issues, full financial disclosure is required by both spouses under New York State Domestic Relations Law §236. In simple terms, this means that both parties must reveal their financial information to the other in order to determine an accurate representation of each spouse’s financial situation. If you are involved in a family law dispute requiring full financial disclosure, a Long Island family law lawyer from Hedayati Law Group P.C. can walk you through the process and protect your interests in a court of law.

What Documents Must Be Filed/Revealed?

Each spouse is required to complete a Net Worth Statement, which is a detailed description of income, assets and expenses. Depending on your situation, some additional paperwork may be required. During this process, it is highly important that you do not knowingly withhold information, as the opposition may subpoena your financial records and hold it against you for not voluntarily providing them as requested. This is especially true of high net worth divorces.

Commonly requested documents include:

• Tax returns
• Lists of financial accounts
• Paystubs
• Appraisals of property
• Bank statements

Whether the divorce is contested or uncontested, the financial disclosure of each spouse must be filed. In Family Court matters for child support or spousal support, a similar form needs to be filed with the Court that is called the Financial Disclosure Affidavit. The benefits of obtaining your spouse’s financial records when going through a divorce include determining an amount of support that is fair and reasonable for you and your child.