Divorcing spouses must exchange a Financial Declaration Form within 60 days of the initial filing. This sworn document discloses one’s income, expenses, assets and debts to ensure transparency during property division. In turn, it allows marital property to be divided fairly and child support and spousal maintenance to be calculated correctly.
Here is what to disclose in your financial declaration:
Income
You must disclose your gross weekly income from all sources before taxes and deductions. This includes:
- Salary, wages, overtime, bonuses and commissions
- Business/self-employment income
- Pensions, retirement, social security, disability benefits, unemployment and workers’ compensation
- Child support, alimony and maintenance received from prior marriages
- Interest and dividends
- Capital gains
- Royalties
- Rental income
- Trust income
Examples of supporting documents to attach are your recent pay stubs, tax returns, account statements and proof of other income.
Expenses
List all your monthly expenses and deductions from your income. These include housing, utilities, food and household supplies, transportation, insurance, personal expenses, medical/dental expenses, children’s expenses, school expenses, automobile costs, entertainment, charitable contributions, child support for prior children, alimony for prior spouses, taxes and debt payments.
Assets
Indiana law requires spouses going through a divorce to disclose all assets held individually and jointly. Assets held by dependent children funded by marital money should also be included.
So, include your real estate, bank accounts, vehicles, retirement and investment accounts, business interests, life insurance and personal assets, such as household furnishings and jewelry.
Debts
All outstanding debts should be listed in your financial declaration form, including mortgages, auto loans, credit cards, student loans, medical bills and personal debts.
You must complete your financial disclosure form accurately. Confirm that all details are correct before exchanging it with your soon-to-be ex-spouse. An in-depth understanding of what to disclose can protect you from allegations of hiding assets.