After a petition for divorce is filed with the Jefferson County Court, one of the next steps is dealing with and submitting the Sworn Financial Statement. It is very important that this document is filled out correctly, disclosing everything and including attachments, and filed within the timeframe. An experienced Wheat Ridge divorce attorney can help guide you through the process and make sure there are no issues with the filings on your end.
Why is the Sworn Financial Statement Important in an Arvada Divorce?
The Sworn Financial Statement is used by the court and Arvada divorce attorneys to determine the appropriate amounts for spousal maintenance and child support. It also provides both sides with information about possessions and property along with debts, which is necessary information when it comes to dividing marital assets.
What is Included and Necessary in a Sworn Financial Statement?
The Sworn Financial Statement must include:
- Income (from any and all sources)
- Expenses
- Assets (those attained before and during the marriage)
- Debts (just those acquired during the marriage)
- Inheritances or gifts (those that are separately owned and not subject to division)
In order to support this information, you must provide copies of the following to submit along with the Sworn Financial Statement:
- Tax returns (both business and personal)
- Credit Card Bills
- Bank Statements
- Real Estate Holdings/ Information
- Pay Stubs
- Investment Account Statements
Ramifications for Omitting or Hiding Assets and Not Providing an Accurate Sworn Financial Statement
Because divorce can be a contentious matter, sometimes one party doesn’t want to share information or feels that the other party should already know everything. Also, sometimes one party feels that they shouldn’t have to share or split a certain asset and want to keep it off the Sworn Financial statement. This can end up being really bad for the party withholding. If the court finds out there were assets not listed or numbers were modified, the court can punish you by giving more to the other party. You can also be held in contempt and be fined or even required to pay the other party’s attorney fees.
If you are ready to file for divorce and want help getting through all the steps efficiently and correctly, contact the best family law attorneys from the Pearman Law Firm at 720-259-9528 for a initial phone consultation.
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