Property and debt division is an essential part of divorce. Part of this process also entails the submission of documents detailing each party’s financial information, including how much they owe, earn, have and spend. Ideally, both parties can provide these details promptly, but some might feel apprehensive about sharing this sensitive information.
During the divorce process, the involved parties must share their financial details based on the following:
- They are the filing party or the petitioner
- They are the responding party or respondent
- They refuse to respond to the filed divorce but wish to have an agreement approved by the court
In any situation, the filing party must always share their financial details. There is an exception for the other party if they refuse involvement in the divorce process.
Following proper submission schedules
Like other requirements, these financial details have a deadline of around 60 days after filing a petition or a response. This timeline only applies to the preliminary disclosures early in the process.
The involved parties might need to resubmit these details in the final declaration disclosure. Still, the parties can waive this paperwork if their agreements indicate this preference. These requirements could vary depending on the circumstances surrounding the divorce.
Being transparent during the divorce
Feeling anxious about sharing financial information is expected. The involved parties may only need to share them with one another before submitting a form to the court to confirm completion.
This procedure might require transparency from both parties because these documents play a key role when discussing property division, child support and other crucial divorce issues. Doing so can also help avoid inconsistencies during the process, which might cause problems later.