As a family law firm in Charleston, South Carolina, we understand that divorce can be a stressful and emotional time for families. However, it’s important to remember that financial declarations are a vital aspect of the divorce process, and failing to prepare one properly can lead to expensive legal battles in the future. In this blog post, we’ll be discussing why financial declarations are necessary, and how to make sure you have everything in order.
A financial declaration is a form that outlines all of the financial assets and liabilities of both parties involved in a divorce. https://www.sccourts.org/forms/searchType.cfm
You will have to swear to the truth and accuracy of your financial declaration. This document is required by South Carolina Rule of Court as part of the divorce process. See https://www.sccourts.org/courtReg/displayRule.cfm?ruleID=20.0&subRuleID=&ruleType=FAM
Your financial declaration will have an impact on spousal support, child support, and is used to divide marital property and debts fairly between the parties. Some of the items that should be included in a financial declaration are as follows:
Failing to disclose all of your financial assets and debts in a financial declaration can result in your credibility overall being called into question. This is why it’s important to be as thorough and accurate as possible when filling out this form. Accurate disclosure will help avoid any future legal issues and makes the divorce process much smoother and predictable.
While preparing a financial declaration can be a time-consuming process, the following steps can help simplify the process:
In conclusion, if you prepare a thorough and accurate financial declaration, the divorce process will be much smoother and stress-free than if you do not. As a family law firm in Charleston, South Carolina, we can help guide you through the process and ensure that the divorce process, including completing your financial declaration, is done as efficiently and painlessly as possible.
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