During the course of a family law matter that involves property and debt division, whether or not it also includes child support, family support or maintenance, the parties will be required to file with the Court and exchange with one another a financial disclosure statement. It is customary and usual to exchange the underlying proof of the conclusions of asset values, debt amounts and income amounts. In cases in which a party will not voluntarily exchange such data, there are formal mechanisms that the other party may utilize to obtain the missing financial information. This list is intended to give you an indication of the type of information required. Your case may require the gathering of more or different types of information such as appraisals of real property, tangible personal property ("stuff") or intangible personal property (retirement or other financial assets).
Download A Financial Disclosure Statements
To prepare the initial documents to file, you will need the following information:
- ·Full names of the parties and children, if any, including middle names and birth name for any party who changed his or her name at marriage.
- ·Dates of birth for each party and each child.
- ·Social Security numbers for each party and each child.
- ·Date and place of marriage.
- ·Date of separation, if separated at filing.
- ·Addresses at which each party resides and/or may be served.
- ·A copy of any marital property agreement executed prior to or during the marriage.
- ·The legal description and tax parcel number for any piece of real property in which you or the other party has an interest. Please bring in a copy of the deed and a copy of the real estate tax bill for each parcel.
- ·The number of marriages for each spouse, whether the marriage was terminated by divorce, annulment or death, and if known, the date and place of divorce.
Prior To First Hearing
The following is a checklist of information or documents that will be necessary prior to the first hearing:
- ·Last two years' state and federal individual income tax returns, including W-2s and 1099s.
- ·Last two years' state and federal business income tax returns for a party who has an ownership interest in an LLC, LLP, closely held corporation, S-Corp, partnership or other business.
- ·Check stubs or printouts for the last three months.
- ·An explanation of the deductions and withholding other than federal and state tax, Medicare and Social Security from your check. Examples of explanations we may need are the frequency and amount of union dues, moneys that are withheld due to prior child support orders, money you have deposited into an account to make your car payment, charitable donations you have withheld. Determine whether you are paid once a week, once every other week (26 times per year), two times per month (24 times per year) or once a month.
- ·Depending on the county in which your action is pending and depending on your individual case, there may be other documents needed.
- ·A print out from Human Resources showing the health, dental and vision insurance premiums for employee only, children and family.
The following is a checklist of information or documents that may be necessary to complete a final agreement or to prepare for litigation of certain issues.
- ·Additional tax years of individual income tax and business tax returns.
- ·In cases in which you will continue health insurance for your children or spouse, written documentation from your employer concerning the cost of each type of insurance offered (medical, dental, eye) for only you, insurance for you and one or more, or for you and family.
- ·Most current statements for bank accounts, retirement accounts, the January 1 account statement for Wisconsin Retirement System, military benefits, and the like.
- ·A copy of the deed for each piece of real property in which you or the other party has an interest.
- ·Most recent appraisals of real property.
- ·Trust documents establishing the gifting or inheritance to you of real property or tangible or intangible personal property.
- ·The cash value of any life insurance that covers you, your spouse and your children. You should request your agent to send you written documentation of the current face value, the current designated beneficiaries, any loan balance and the current cash value.
- ·Probate documents establishing the inheritance of real property or tangible or intangible personal property.
- ·List of savings bonds, with the number of the bond, the date of maturation and in whose name the bond is.
- ·Copies of appraisals done for insurance purposes (note, such appraisals are generally not "fair market value"-please ask about the difference).
- ·List of vehicles. If you have appraisals, a copy of the appraisal. Otherwise, a beginning place for the determination of fair market value is kellybluebook.com or Edmunds.com for third party purchase. See also automobile valuations.
- ·A list of "toys". Boats, campers, gear of various kinds, bicycles. This differs widely from person to person.
- ·Bankruptcy petition, schedules and discharge.
- ·Copies of the most current credit card statements. Copies of all credit card statements if there are issues concerning the charges of you or the other party.
- ·In some cases, a copy of the loan application for home mortgages, automobiles, credit card accounts.
- ·Certain releases of information to acquire copies of records at financial institutions such as banks and companies which have extended credit.
- ·Closing statements from the purchase or sale of real property. A copy of your current credit report.
Sometimes there is reason to use values of assets or debt amounts from the time of marriage or time of separation. You will need to gather your financial statements and documents that demonstrate the balance on those dates.
Call Attorney Kathleen Reiley (414-369-6309) or send Kathleen Reiley an email.