California Family Code 2107

California Family Code 2107 Attorney

The divorce process in California can be overwhelming and stressful. There are many steps that need to be followed, and a great deal of information needs to be disclosed. One of the main things that must happen at the beginning of a divorce process is the disclosure of assets and financial information. An experienced divorce attorney from Quinn & Dworakowski, LLP, can help you understand how to disclose properly, what information needs to be included, and who is required to file a disclosure.

Disclosures in a California Divorce

The primary disclosures that must be made during a California divorce involve financial holdings, community property in the marriage, and other assets. You will also have to disclose regular income, tax information, and debts. This is necessary because California is a community property state, which means that the divorcing parties must divide any assets or property gained during a marriage equally between them.

When you file a disclosure, you will have to include information about:

• All your assets
• Any debts you have
• Community property, such as homes and vehicles
• Your regular income and expenses
• Tax returns from the previous two years
• The valuation of all assets and properties
• Information about any investment or business opportunities you have

There is a great deal of information that has to be disclosed at the beginning of a divorce, so working with an experienced divorce attorney can help make it easier. There are also a few key forms that must be completed for the disclosure to be finalized.

Declarations of Disclosure

There are three main forms that must be submitted for your disclosure to be complete. They include:

• Schedule of Assets and Debts: This is a full list of any assets that you and your spouse share. It will include anything that you own, what you spend regularly, how much you earn, and any amount that you owe in debt.
• Income and Expense Declaration: This form will detail all your income, so you will have to disclose your employment status along with several pay stubs. You will also include tax information, any income from investments, and your regular expenses, such as child care and household costs.
• Property Declaration: This is one of the more detailed forms, as it includes information about any property and assets that you own. You will have to disclose real estate assets, bank accounts, jewelry and antiques, cash, insurance policies, and more.

Along with these forms, you may also have to include other pertinent information. This process can be time-consuming, and it may be difficult to keep track of all your assets. If you want to avoid any additional stress, it is helpful to know when you do not have to file a disclosure. Petitioners, or those who file for divorce, are required to disclose, along with anyone who files a response to the petition. If you do not wish to respond to the petition, but simply let the case proceed, you will not have to file a disclosure.

Penalties for Failure to Disclose

Failure to disclose financial information and assets during your divorce can result in some major penalties, according to California Family Code 2107. It is important to disclose assets, income, and necessary financial information during a divorce, but there are many things that must be disclosed. It can be difficult to keep track of everything, and you may miss something unintentionally. If you accidentally fail to share certain pieces of information during your divorce, you will have to amend your disclosure so it reflects all the correct information.

In some cases, a failure to disclose is more malicious. One party may choose not to disclose certain information, such as assets, property, or business dealings, in an attempt to get a better outcome from the divorce. If that happens, and it is discovered, then the guilty party could face serious penalties, including paying attorney fees for their former spouse or criminal charges of perjury.

FAQs

Q: What Disclosure Is Required in a California Divorce?

A: An important part of the divorce process is the division of assets, but that can only be accomplished through financial disclosure. During a divorce, there are certain disclosures that both parties have to make. You will have to disclose community and separate property, any assets and debts that you have, and your regular income and expenses. This will include tax returns, a valuation of all assets, and notations of any investments and business opportunities.

Q: What Is the Penalty for Hiding Assets in a Divorce in California?

A: California Family Code 2107 details the penalties for failure to disclose during divorce proceedings. If the oversight was accidental, or you unintentionally left something out of your disclosure, then you will likely just have to amend your disclosure so that it fully reflects all your assets, income, and information. If you intentionally did not disclose all the necessary information, then you will be hit with sanctions, including paying attorney fees or facing criminal charges of perjury.

Q: What Is the 10-Year California Divorce Rule?

A: Many people assume that, if your marriage ends before it reaches the ten-year mark, then you will not be able to receive alimony for more than the length of the marriage. That is not the case in California. The length of your marriage does not impact how long you will get alimony. Alimony will be determined according to the discretion of the courts.

Q: What Is Exempt From Disclosure in California?

A: The disclosure of assets is an important part of the divorce process, but there are some things that are not required for disclosure. Anything that cannot be included in the division of assets does not have to be disclosed. This could include inheritances and any property or assets that you owned prior to the marriage. Another way to avoid some disclosures is to establish a division of property in a prenuptial agreement.

Let Quinn & Dworakowski, LLP, Guide Your Asset Division

Understanding what you have to disclose during your divorce, and how your assets will be divided, can be difficult. There are many forms that must be completed, and you may not realize what assets need to be included in your disclosure. An experienced divorce attorney from Quinn & Dworakowski, LLP, can help you document all your assets to ensure that you disclose everything properly. Contact our office for assistance with your disclosure of assets.