Both parties to a divorce or legal separation case in California are required by law to make certain financial disclosures to each other within a reasonable time after the initial papers (Petition and Response) are filed with the court. There are both preliminary and final disclosures.
In practice, it is strongly recommended that preliminary financial disclosures be completed and exchanged by both parties before moving forward with settlement negotiations. (How can you talk about dividing assets if you don’t have a complete picture of the community estate?)
Also, the California Family Code Section 2100, et. seq., sets forth the specific requirements regarding the duty of spouses to disclose material facts and information related to assets and liabilities, among other things.
The task of completing the disclosures can be a lengthy undertaking. Our firm has prepared a step-by-step guide to completing financial disclosures. To learn more, click here.