Today, we’re diving into the crucial second step of your divorce: handling financial disclosures. This step often causes delays and frustration, but let’s work through it together to make the process smoother for you.
Understanding Financial Disclosures
Financial disclosures are a vital part of the divorce process. They ensure that both parties have a clear understanding of the financial landscape, which is essential for reaching a fair and equitable settlement. In Los Angeles County, both spouses must complete and file their financial disclosures, regardless of who filed the petition. This step helps prevent surprises and ensures that both parties have their eyes wide open going into the divorce.
What You Need to Disclose
You’ll need to disclose all your assets and debts, including:
- Real estate
- Bank accounts
- Investments
- Inheritances
- Any secret bank accounts
There are four main forms required for this step:
- FL-140: Declaration of Disclosure
- FL-141: Declaration Regarding Service of Declaration of Disclosure
- FL-142: Schedule of Assets and Debts
- FL-150: Income and Expense Declaration
The FL-142 and FL-150 forms often cause the most trouble because they require gathering detailed financial information and documentation.
Steps to Take if Your Spouse Won’t Complete Their Disclosures
Delays in completing financial disclosures are common and can be frustrating. Here are some steps to take if your spouse is slow or unwilling to complete their disclosures:
1. Remind and Encourage
Gently remind your spouse about the 60-day deadline from the date the petition was filed. Offer support by providing forms or directing them to the self-help desk. Encouraging them to set a personal deadline can also help motivate them to complete this step.
2. Document Your Efforts
Keep a written record of every time you ask your spouse about their disclosures. Emails are preferable to text messages as they provide a clear and detailed trail. This documentation can be crucial if you need to involve the court later.
3. Seek Help from a Legal Document Assistant
If your spouse struggles with the paperwork, suggest they seek help from a Legal Document Assistant. An LDA can walk them through the forms and help complete the necessary documents, which can significantly reduce the overwhelm and confusion associated with this step.
4. Consider Possible Accommodations
Your spouse may need an accommodation due to learning differences or other challenges. An LDA can provide support by meeting with them and discussing each form in detail. This approach can make the process more manageable and ensure that all necessary information is accurately disclosed.
5. Legal Advice and Motion to Compel
If your spouse still refuses to complete their disclosures after these efforts, seek legal advice. You may need to file a motion to compel, asking the court to order your spouse to complete their disclosures and potentially impose sanctions if they do not comply.
Ensuring a Fair Settlement
Once both parties have completed their financial disclosures, you can work towards a fair settlement. Here are some tips to help ensure the process is smooth and equitable:
1. Be Organized
Use your financial disclosures to create a comprehensive list of everything that needs to be addressed in the settlement. Keep detailed notes of discussions and decisions to ensure nothing is forgotten.
2. Utilize Self-Help Resources
Take advantage of self-help resources available at your local courthouse. The staff can provide valuable information and answer questions, helping you navigate the process more effectively.
3. Work with a Certified Divorce Financial Analyst
Consider consulting with a Certified Divorce Financial Analyst (CDFA). A CDFA can help you understand your financial situation and the implications of your proposed settlement, ensuring you make informed decisions.
4. Consult with an Attorney
Before finalizing any agreement, have it reviewed by an attorney. This step ensures that your interests are protected and that the agreement is fair and legally sound.
Moving Forward
Completing financial disclosures can be a challenging step, but with persistence, organization, and the right support, you can get through it. Remember, the goal is to reach a fair settlement that allows both parties to move forward with clarity and confidence.
If you have any questions or need further assistance, please reach out. You can comment below, book a call with me, or visit the California Courts Self-Help Guide for more information. Additionally, if you’re looking for a step-by-step approach to managing your own divorce, Nolo’s book, How to Do Your Own Divorce in California, is an excellent resource.