Financial Disclosure In Divorce: How To Use It To Empower Yourself?
Disclosure usually gives people a big headache. Parties either do not know how to prepare it or do not want to do it at all. However, what most people do not realize is that disclosure can very much be used to their own advantage.
Financial disclosure is required to obtain a divorce or termination of domestic partnership (DP) in California whether by litigation, mediation or a collaborative process. It is required whether you do your divorce/termination of DP, have an attorney or a mediator.
Can disclosure be waived?
Financial disclosure has two parts: preliminary declaration of disclosure (PDD) and final declaration of disclosure (FDD). PDD cannot be waived unless in cases of a true default or by a court order. FDD on the other hand can be waived by agreement of the parties.
Finding out exactly what disclosure is and how to prepare it can save you substantial attorney fees in a litigation case and move things along in mediation.