When couples divorce, their financial lives should be transparent both to each other and to the court. Under the Colorado Rules of Civil Procedure, both parties are required to provide a sworn financial statement within 42 days after receiving notice of a petition for dissolution.
Completing this statement can take time because each party has to determine which assets are marital and separate, list a value for each one, and provide proof that the value is accurate. Furthermore, all debts have to be accounted for.
An experienced Colorado divorce lawyer from Goldman Law can help you through this challenging time.
What is a Sworn Financial Statement?
A sworn financial statement refers to a complete itemization of the following:
Each party is also expected to include comprehensive financial disclosures in the form of tax returns, bank or credit card statements, pay stubs, loan documents, investment and retirement statements, and insurance policies.
Are Financial Disclosures Required in A Colorado Divorce?
Yes, as mentioned above, each spouse must submit a sworn financial statement with accompanying financial disclosures within 42 days after they’re served with a petition for dissolution. Either party may also seek additional discovery if they suspect that the other hasn’t been completely honest or transparent in the sworn statement.
As stated in the Colorado Rules of Civil Procedure: “Parties to domestic relations cases owe each other and the court a duty of full and honest disclosure of all facts that materially affect their rights and interests and those of the children involved in the case. The court requires that, in the discharge of this duty, a party must affirmatively disclose all information that is material and relevant to the resolution of the case without awaiting inquiry from the other party.”
Clearly, the sworn financial statement is the single most important document that each party will need to present before the court when getting a divorce.
The court will refuse to issue a decree of dissolution until the statement and its accompanying disclosures have been submitted. In certain cases, the court has even set aside the couple’s settlement agreement due to one of the party’s failure to provide a comprehensive statement.
Tips for Filling Out a Sworn Financial Statement
Here are some tips to help ease the process of filling out and submitting a sworn financial statement:
- Include all sources of income such as commissions, bonuses, rental income, pensions, or maintenance received from a previous marriage. If the party fails to disclose everything properly, they’ll lose credibility in court.
- Include all expenses, even the seemingly minor ones, as this will give the court a better picture and yardstick when they’re allocating property and debt.
- Don’t include the same expense in multiple sections of the statement. If it has already been listed under monthly income deductions, for instance, don’t include it as a separate expense in a later section.
- Don’t include the income of the other party.
- Include all necessary and relevant documentation. It’s best to discuss with a lawyer whether or not the documentation required is applicable in your case.
Remember, even in cases where both the spouses agree on every possible issue, the court will still require a complete and transparent sworn financial statement. It may take a lot of work, but having a lawyer who can check and make sure that everything is properly filed is crucial.
Hire a CO Divorce Attorney You Can Trust
If you’re worried about properly filling out your sworn financial statement or you’re wondering whether your soon-to-be ex-spouse may be hiding money or property, we can help.
A Goldman Law attorney will make sure that your statement is as accurate as possible, protect your rights and interests, and help obtain the best possible outcomes for your case.
Our lawyers are ready to protect your financial future. Call us now at (303) 656-9529 or contact us by email to schedule a confidential consultation.