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Mandatory Disclosures for Mindful Divorce Cases

Disclosure Documents

Disclosure is a time to share facts that may affect the outcome of the case. When thinking of information to disclose, we recommend that lawyers and clients ask questions such as: “If I am on the other side of this case, would I want to know this fact?” If the positions were flipped and you think it would be unfair if certain information was withheld from you, this information should likely be included in the disclosure. When in doubt, the specialized high net worth divorce lawyers at Willoughby & Associates are here to guide you. Here is a list of mandatory disclosures that clients must produce:

 

“The list of mandatory disclosures that the client must produce under C.R.C.P.

16.2(e)(2) is extensive and includes the following:

  • Current sworn financial statement;
  • Most recent three years of personal and business federal income tax returns, including all schedules and attachments (W-2’s, 1099’s, and K1’s);
  • Last three years of personal financial statements, statements of assets or liabilities, and credit and loan applications prepared during the last three years;
  • Last three years of business financial statements, including all year-to-date financial statements, and the same periodic financial statements for the prior year; 38-14 § 38.3.4
  • Real estate documents reflecting the title documents and all documents stating

value of all real property in which a party has a personal or business interest;

  • All documents creating debt, and the most recent debt statements showing the

balance and payment terms;

  • All documents identifying any investment, and stating the current value;
  • Documents identifying each employment benefit, and stating the current value;
  • Documents identifying each retirement plan and stating the current value, and

all plan summary descriptions;

  • Documents identifying each account at banks and other financial institutions,

and stating the current value;

  • Documents verifying each income source in the current and prior calendar year,

including income from employment investment, government programs, gifts,

trust distributions, prizes, and income from every other source;

  • Each self-employed party shall provide a sworn statement of gross income, business expenses necessary to produce income, and net income for the three months before filing of the petition or post-decree motion;
  • Documents that show average monthly employment-related and education-related child care expense;
  • Documentation of life, health, and property insurance policies and current documents that show beneficiaries, coverage, cost including the portion payable to provide health insurance for children, and payment schedule; and
  • Documents that show average monthly expense for all recurring extraordinary

children’s expenses” (Willoughby, 2014, p. 14-15).

 

The disclosure process can be arduous and overwhelming, but the attorneys at Willoughby & Associates are well-versed in all aspects of amicable divorce and are always ready to help you resolve your case. For further information on preparing for disclosures, read “Chapter 38” of Lawyers’ Professional Liability in Colorado.

 

Willoughby, K. R. Esq., (2014).  Family law. Lawyers’ Professional Liability in Colorado, 14-15.

 

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