Family law (typically divorce) cases can be highly emotional, and we lawyers understand! Clients are often focused on the spouse who cheated, the children’s activity schedule, and the reasons their spouse could have been a better husband, wife, father, or mother—issues that don’t necessarily have any relationship to how much money they have.
When you meet with a family law attorney for a divorce or child custody matter, your lawyer will always ask you about the family finances. Why? Because finances affect every part of a family law case.
In Missouri, most courts require the disputing parties to file certain financial disclosures:
- Statement of Income and Expense, and Statement of Property: Regardless of the type of family law matter, most Missouri courts require a Statement of Income and Expense and a Statement of Property from both parties. Your Statement of Income and Expense lists your sources of income and all expenses you have for yourself and your children. The Statement of Property lists your assets and debts, whether they are in your name, your spouse’s, or both. These disclosures inform the court of your financial position.
- Mandatory Document Exchange: In several counties in Missouri (including St. Louis County), parties are required to exchange certain financial documents. These include tax returns, pay stubs, health insurance costs for the children, statements of financial accounts, and debts, such as credit card statements, among others. You should consult with your attorney about which documents are required based on the facts of your case.
Inevitably, clients have questions about these disclosures. What if we aren’t dividing property? Do I really have to give my ex-girlfriend my pay stub? What if my father gave me money; do I have to tell my husband? The answer to these questions is generally, “Yes.” They are required by the courts, and you will need to comply with the court’s rules. Perhaps more importantly, courts use these disclosures to determine the financial position of each party so the judge can address issues of property division, child support, maintenance (sometimes called alimony), and attorneys’ fees. (Depending on financial ability, one party may be required to pay part of the attorneys’ fees of the other party in family law cases.)
Your lawyer will help you navigate these financial disclosures in addition to your other concerns. When your attorney asks you to provide this financial information, know that they are doing so to help your case. Cooperating with your attorney by providing all the necessary information will help your case progress more efficiently so that you can focus on the other matters involved in your case.
If you need help with a family law case, our attorneys at Paule, Camazine and Blumenthal are ready to help.
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