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In California, a Declaration of Disclosure is a legal document that we use in our Los Angeles family law cases, particularly during divorce or separation proceedings that requires both parties to provide a complete and accurate account of their financial situation, including income, expenses, assets, and debts. This is mandatory throughout the State of California.
In Los Angeles divorce matters, the declaration of disclosures must be served within 60 days of the case having been filed, this is the Preliminary Declaration of Disclosures, and also at the end of the case right before either Trial or a Settlement Agreement is derived, these are the Final Declaration of Disclosures (“FDD”). The FDD’s can be waived, the preliminary disclosures cannot be waived.
It is extremely important to provide full and complete disclosures as concealing any assets can result in a hefty sanction or penalty. For example, if an asset is concealed through Judgment and later discovered, the spouse who concealed the asset might have to turn over the entire asset 100% completely to the aggrieved spouse. This is the Marriage of Rossi case.
Key components of the Declaration of Disclosure include:
1. Income and Expenses: Detailed information about monthly income, including salaries, bonuses, and other sources, as well as regular monthly expenses.
2. Assets: A comprehensive list of all assets owned by either party, such as real estate, bank accounts, vehicles, investments, and personal property.
3. Debts: A detailed account of all debts, including mortgages, loans, credit card debt, and other liabilities.
4. Supporting Documents: Parties are typically required to attach relevant financial documents, such as tax returns, pay stubs, and bank statements.
5. Timeliness: The disclosure must be completed and exchanged between the parties within specific timeframes set by the court rules.
6. Verification: The declaration is usually signed under penalty of perjury, affirming that the information provided is truthful and complete.
Failure to provide a full disclosure can result in legal penalties, including sanctions or unfavorable court rulings. It’s essential for both parties to be transparent to facilitate a fair settlement.