Financial Declarations are an essential part of almost every family law case. Financial declarations are sworn declarations about certain basic financial information that courts need to decide family law cases. The information in a financial declaration is used to calculate child support, alimony, and to divide certain assets. Because it is used so frequently it is extremely important that it be done as soon as possible.
Why Complete a Financial Declaration?
The main reason to complete a financial declaration is that you are required to. Utah Rule of Civil Procedure 26.1 requires that that parties in “divorce; temporary separation; separate maintenance; parentage; custody; child support; and modification..” exchange financial declarations within the first few weeks of a case. In addition to the Utah Rules of Civil Procedure requiring it, Utah Code also requires financial declarations in cases where child support is ordered. In some courts, the court will not even schedule a hearing on a case until they have been submitted.
What Should Be In a Financial Declaration?
The main part of a financial declaration is the financial declaration form. This form is a sworn statement that provides the reader with information about income and expenses.
In addition to the financial declaration, supporting financial documents are required. These include “copies of statements verifying the amounts listed on the Financial Declaration that are reasonably available to the party…”; the previous two years of tax returns; the previous year of paystubs; any loan applications for the previous year; documents verifying the value of any real estate in which a party has an interest; the previous three months of financial records such as bank statements. If any of the documents are not readily available, a party may estimate the value in the financial declaration and provide an explanation for the estimate as well as an explanation for why the document was unavailable.
What Do I Do With a Financial Declaration?
Once your financial declaration is complete, it is typically sent to the other party. A Certificate of Service is then filed with the court. This lets the court know that the other party has received the information. In some cases, such as when child support is being ordered, the court will want to see a copy of the financial declaration as well. When both parties have exchanged financial declarations, the case can proceed as needed.