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.
Can the parties agree to waive the required Financial Disclosures?
About the Author: Sandy McCarthy
Sandra M. McCarthy, founder of A People’s Choice, has worked exclusively in the legal field since 1976. She served as the 2004-2005 President of CALDA (California Association of Legal Document Assistants). She obtained a Paralegal Certificate from the University of California, Santa Barbara. During her career in the legal field, she has worked as a freelance paralegal, law office manager and paralegal studies teacher, and has co-authored numerous legal publications and written hundreds of self-help legal articles. Sandy is dedicated to the expansion of affordable, low-cost, self-help document preparation.