Financial disclosure in divorce

Financial disclosure in divorce

In New York financial disclosure in divorce is required.

Financial disclosure required in divorceIn New York, full financial disclosure between the divorcing spouses is imperative. Section 236 of the Domestic Relations Law (DRL) requires that in matrimonial (e.g., divorce and separation) actions

in supreme court in which alimony, maintenance or support is in issue and all support proceedings in family court, there shall be compulsory disclosure by both parties of their respective financial states.

The matter is perhaps especially essential when children of the marriage still rely on their parents for support. Parents are presumed to support their children financially and the courts will want to ensure that such is the case in a divorce action. Full and transparent disclosure is essential as well for the proper division of marital property and determining whether maintenance (aka alimony or spousal support) is relevant.

Listen to a message from Clifford Rohde regarding financial disclosure

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Financial disclosure in divorce mediation

For that reason, in a divorce mediation it is essential that each spouse make full financial disclosure to the other, even if the spouses did not commonly do so during the marriage. Why? Any divorce that is arrived at through mediation will be reviewed by the court. Just as in a contested divorce, the court will want to be assured that each spouse has had an opportunity to review fully the financials of the other spouse.

During your mediation each spouse will be required to bring in recent tax returns, pay stubs and account information as a means of fully disclosing your financial state. Follow the link for a detailed list of financial and other information to disclose during a divorce mediation. Additionally, the New York Courts make available a copy of a form commonly referred to as a DRL (Domestic Relations Law) Section 236 Net Worth Statement, available here (not guaranteed to be current).

DRL Section 236 of the New York Public Laws is available here.

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