What Financial Information Must I Disclose During Contested and Uncontested Divorce?

 

Are you researching the discovery process during divorce?  Specifically, are you wondering, “What financial information must I disclose during contested and uncontested divorce divorce?”  Like most legal questions – it depends.   You see, the answer depends on your marriage’s unique facts and circumstances.

Divorce comes in different flavors.  There are several different categories of divorce.  In other words, not all divorces are created equally.  The category that you fall within determines what financial information you likely will need to disclose during the divorce.

 

UNCONTESTED DIVORCE

 

The average uncontested divorce in Albuquerque, NM does not involve discovery.  An uncontested divorce usually involves two sides know and agree on the amount of community property and debt that was built during the marriage.  Moreover, the couple agrees on all financial issues that are necessary to complete the divorce.

Because of this complete agreement, discovery is usually unnecessary.  This is one reason why uncontested divorces are quicker and cheaper than a contested divorce.  Usually, an extensive discovery process increases the time and cost to complete the divorce.

 

CONTESTED DIVORCE WITH SHORT MARRIAGE & SMALL COMMUNITY PROPERTY

 

Do you have a contested divorce, but with a short marriage and small community property?  If so, then you possibly can complete the divorce process without completing formal discovery.  Formal discovery in divorce involves financial questions that must be answered under oath.  Moreover, formal discovery usually involves a formal request for the one spouse to provide financial documents.

Conversely, informal discovery usually involves a written or email request for financial documents.  For instance, one side may request bank account statements, credit card debt information, retirement info, etc., through email.

Discovery may be unnecessary if both sides agree on the amount of community property/debt – but do not agree on dividing same.  In this situation, the disagreement likely can be resolved through the required divorce mediation.

 

LONG MARRIAGE WITH MODERATE COMMUNITY PROPERTY

 

At times, a long marriage with moderate community property does not require a formal discovery process.  For instance, the discovery process can be avoided when both sides agree on the financial records.

On the other hand, formal discovery may be necessary when the financial picture is unknown.  For instance, one spouse may have exclusively handled financial statement during the marriage.  Consequently, the other spouse may have little or no knowledge about the extent of community property/debt.  In this situation, formal discovery may be necessary.

 

LONG MARRIAGE WITH HIGH NET WORTH DIVORCE

 

A long marriage with high net worth usually requires a formal discovery in divorce process.  Formal discovery in divorce is often necessary based on the number and extent of accounts.  Additionally, a martial business may need to be evaluated and divided.

Accordingly, high net worth divorce usually involves formal discovery.  Moreover, income statement experts may be necessary to determine the nature and value of community property.

 

DO YOU HAVE TO SHOW BANK STATEMENTS IN CONTESTED AND UNCONTESTED DIVORCE?

 

You must show bank statements in contested and uncontested divorce if the other party formally requests this information.  For instance, bank account statements are typically requested within formal discovery in divorce through a request for production of documents.

New Mexico’s rules of civil procedure govern divorce discovery.  These rules are broad and enable either side to request relevant documents that can be introduced in court.  In this regard, bank statements are relevant and information that can be introduced in court.  As such, this information can be requested through divorce discovery.

 

HOW TO AVOID DISCOVERY IN CONTESTED AND UNCONTESTED DIVORCE

 

You can avoid formal discovery in divorce by agreeing on the nature and extent of community property/debt.  Moreover, you can avoid the discovery process through an uncontested divorce.

Conversely, you cannot avoid discovery in divorce when one spouse requests financial information to be provided.  In this respect, a spouse can request any information – not privileged – that is relevant to the divorce.

 

CONTESTED AND UNCONTESTED DIVORCE FINANCIAL CHECKLIST

 

Are you looking for a contested and uncontested divorce financial checklist?  Divorce discovery usually involves the following:

• Each party’s income information;
• Current bank account statements;
• Retirement information;
• Most recent credit card/debt statements; and
• Most recent home mortgage information.

Nevertheless, either spouse can request any financial information that is not confidential and is relevant to the divorce.

 

CAN I REFUSE FINANCIAL DISCLOSURES IN CONTESTED AND UNCONTESTED DIVORCE?

 

No.  Failing to provide properly requested financial statement can lead to a motion to compel.  Moreover, failing to provide financial statement could lead to court sanctions.  These sanctions include an award of attorney fees.

With that said, you can object to discovery requests.  For example, you can object to requested discovery based on:

• The request not being relevant;
• Not reasonably likely to lead to the discovery of admissible evidence;
• Overly burdensome; or
• Requests confidential information.

The assigned judge would determine if the requested financial information must be provided.  The judge’s decision is guided by the civil rules of evidence.

 

CAN A JUDGE REQUEST BANK STATEMENTS?

 

Yes. Either a judge, or the other party, can request bank statements during a divorce.  Moreover, this information likely will be deed relevant and admissible.  As such, the judge likely will require the resisting party to provide the requested bank statements.

 

FAILURE TO DISCLOSE FINANCIAL INFORMATION IN CONTESTED AND UNCONTESTED DIVORCE

 

Failure to disclose relevant and admissible financial information in uncontested and contested divorce can lead to court sanctions.  One spouse’s failure to provide financial disclosure often leads to a motion to compel being filed.

Ultimately, the court can compel the resisting spouse to provide the requested information.

 

WHAT CAN I DO IF MY EX IS REFUSING TO PROVIDE FINANCIAL DISCLOSURE IN CONTESTED AND UNCONTESTED DIVORCE?

 

First, have you properly requested the information under the rules of procedure?  If so, has the deadline for providing answers expired?  In this situation, you should provide the other side with notice that they have failed to provide requested information.

In doing so, you should provide a deadline to provide the requested financial disclosures.   After providing reasonable notice, you can file a motion to compel.  As a result, the court can order the other side to produce the requested financial disclosures.

 

ALBUQUERQUE DIVORCE LAWYERS/ATTORNEYS FOR DIVORCE DISCOVERY

 

Our team of Albuquerque’s best/top divorce lawyers/attorneys have the experience needed to handle your divorce.  Whether you are looking for a divorce lawyer for men/women, we have the skills to complete your divorce.  Do you have an uncontested divorce in New Mexico?  Alternatively, do you have a contentious and contested divorce?  Either way, you should speak with a tested and trusted contested and uncontested divorce attorney.  Speak with (505) SANCHEZ today.