Financial disclosures are one of the most important aspects of divorce you will have to consider. Whether you have been married for a few years or a few decades, all couples must go through this process in order to get divorced in New York.
What are financial disclosures, and why are so vital to the divorce process? Read on to learn more about financial disclosures in New York, including the Rule 11 Agreement exception.
You may also need copies of your pay stubs from the last six months or other proof of income, depending on how you get paid.
The information you provide in financial disclosures may impact whether and how much spousal support or child support is awarded in your divorce settlement agreement.
It is almost always required that both parties submit financial disclosures during a divorce proceeding in New York. However, there is something known as the Rule 11 Agreement exception, which states that spouses do not need to file financial disclosures if both agree in writing not to do so.
Without this agreement, a court may not sign off on your divorce until they've reviewed the financial disclosures. The goal is to ensure an equitable distribution of your marital assets and debts.
Accuracy is important. Include all financial details: assets, debts, income sources, expenses, tax returns, and anything else that might be relevant. Make sure to provide the most up-to-date information you can.
If you need assistance in gathering information or evaluating its accuracy, you might decide to hire a financial professional or attorney to help you evaluate its accuracy.
Some people are reluctant to share sensitive information about their finances with others in the divorce process. But if you fail to provide the necessary financial information during a divorce in New York, the court may impose sanctions on you, such as ordering payment of attorneys’ fees.
Failing to disclose all of your assets could result in unequal marital property division or undeserved spousal support payments being awarded.
Yes, it is possible for one party to challenge another’s financial disclosure by filing special requests for additional information and documents concerning their finances. The other party may object to this. If so, you’d need to present evidence to a judge to explain why you're challenging your spouse's financial disclosure.
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