The duty of disclosure is important for several reasons.

If the case does not settle and proceeds to trial, the parties would have to exchange final declaration of disclosure which consists of the above information with the characterization of the assets and debts whether community or separate and the valuation of those items.įamily Code Section 2100 states that “ full and accurate disclosure of all assets and liabilities in which one or both parties have or may have an interest must be made in the early stages of a proceeding for dissolution of marriage or legal separation of the parties.” This disclosure must be made regardless of the characterization of the assets and liabilities as community or separate property.įamily Code Section 1100 defines disclosure as “the act of providing information to the other party or to the court.” Disclosure can be made in a variety of ways, including through the exchange of financial documents, such as tax returns and bank statements, or through written declarations.įamily Code Section 721 states that “ach party to a proceeding for dissolution of marriage or legal separation has a duty to make full and accurate disclosure of all financial information and material facts.” This duty includes disclosing information about all assets and liabilities, as well as information about income and expenses. The parties are required to prepare and exchange preliminary declaration of disclosure which includes and fl-142 schedule of assets and debts, fl-150 income and expense declaration, 2 years tax return, a statement of all material facts and information regarding the valuation of all assets that are community property or in which the community has an interest, a statement of all material facts and information regarding obligations for which the community is liable, and an accurate and complete written disclosure of any investment opportunity, business opportunity, or other income-producing opportunity presented since the date of separation that results from any investment, significant business, or other income-producing opportunity from the date of marriage to the date of separation. The financial disclosures are taken seriously by the Courts and failure to disclose could have serious consequences for the non-disclosing party in a divorce case. Couples that are going through the divorce process in California should understand that the Family Code and the Family Courts requires that they provide complete and accurate disclosure to the other spouse.

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