In divorce, separation, and other family law cases, Utah courts require that both sides complete a Financial Declaration. The Financial Declaration is designed to give the court, and opposing party, information about a person’s financial situation, which can include income, expenses, assets, and debts.
Along with having to fill out the Financial Declaration form completely and accurately, a person will also have to include recent tax returns, pay stubs and other important financial information and documents. Educated guesses about one’s finances are allowed only if a person does not have documents available. Even then, individuals may have to explain why those documents are not available.
Overall, the process can seem a lot like filling out an application for a bank loan or taking some other important financial step. However, the process is not always cut and dry, and it can be helpful to speak with an experienced family law attorney to ensure your financials are properly disclosed. The completed Financial Declaration will have to be filed with the court and, in most cases, provided to the other party.
A Financial Declaration helps the family law court make important decisions
Courts often require a Financial Declaration from both sides before moving forward with a divorce or other family law case. This is because the Financial Declaration helps the court make many important decisions. Property division, alimony, and child support all depend on the financial situation of each spouse and the family as a whole. With critical financial information at hand, it is easier for courts to come to the right decision.
Furthermore, there are also possible legal penalties for not filling out a Financial Declaration completely and accurately. Among other penalties, a court may award attorney fees to the injured party. In the case of an undisclosed asset, the property may automatically get awarded to the other spouse. An experienced family law attorney can help guide you through this process.