California law requires financial disclosure in divorce. This means that both parties are mandated by law to exchange financial information which includes a statement of assets and debts and community and separate property. There are two disclosures that are required under California law, the preliminary disclosure and the final disclosure. When the parties sign a marital settlement agreement, the preliminary disclosures between the parties cannot be waived under any circumstances. If there is no marital settlement agreement and the matter is proceeding as a default case, the Petitioner will have to complete the mandatory preliminary disclosure but can waive Respondent’s preliminary disclosure. Failure to properly complete the preliminary disclosure process could result in a final Judgment being later set aside. The final disclosure can be mutually waived by both parties.