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Financial Disclosure Declaration: What Married Couples Need to Know

Learn about the Financial Disclosure Declaration, its importance in divorce proceedings, and how it affects married couples with significant assets, business owners, and parents with minor children.

Introduction

A Financial Disclosure Declaration is a critical legal document used during divorce or legal separation proceedings that requires both spouses to provide a complete and honest inventory of their financial situation. This document serves as a foundation for fair property division, support calculations, and financial arrangements involving children. For long-term married couples with significant assets, business owners, and parents with minor children, understanding this document is essential to protect your interests and ensure equitable outcomes during what can be a challenging transition period.

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Key Things to Know

  1. 1

    Financial Disclosure Declarations are legally binding documents signed under penalty of perjury, making honesty and thoroughness essential.

  2. 2

    For long-term marriages, these declarations help ensure fair division of assets accumulated over many years, including retirement accounts that may represent significant portions of marital wealth.

  3. 3

    Business owners must provide comprehensive information about their business interests, which may require professional valuation services.

  4. 4

    Parents must detail all child-related expenses to establish appropriate support arrangements that maintain children's standard of living.

  5. 5

    The declaration serves as the foundation for negotiations and court decisions, making it one of the most important documents in your divorce process.

  6. 6

    Failure to disclose assets can result in severe penalties, including potential loss of those assets and damage to your credibility in all aspects of your case.

  7. 7

    Consider working with professionals (attorneys, financial advisors, accountants) to ensure your declaration is complete and accurately represents your financial situation.

  8. 8

    Begin gathering financial documentation early, as compiling a comprehensive picture of your finances can be time-consuming, especially for complex estates.

Key decisions before you file

Before you file a Financial Disclosure Declaration in Kansas, a few decisions shape the document: which option to choose and what each one means. The Financial Disclosure Declaration guide walks through them.

Open the Financial Disclosure Declaration guide

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Kansas Requirements for Financial Disclosure Declaration

  • Kansas Financial Disclosure Requirements (Kansas Supreme Court Rule 139)

    Kansas law requires complete financial disclosure in divorce proceedings, including all assets, debts, income, and expenses. This disclosure must be made under oath and is subject to penalties for perjury.

  • Mandatory Disclosure of Income (Kansas Family Law Code § 23-2215)

    Parties must disclose all sources of income including wages, salaries, commissions, bonuses, dividends, rental income, and any other sources of income received in the past 24 months.

  • Disclosure of Real Property (Kansas Family Law Code § 23-2801)

    Full disclosure of all real property interests including primary residences, vacation homes, rental properties, land, and commercial properties, along with documentation of ownership, valuation, and encumbrances.

  • Business Interest Disclosure (Kansas Family Law Code § 23-2802)

    Complete disclosure of all business interests including corporations, partnerships, LLCs, sole proprietorships, including valuation information, ownership percentage, and financial statements.

  • Retirement Account Disclosure (Kansas Family Law Code § 23-2802)

    Full disclosure of all retirement accounts including 401(k)s, IRAs, pension plans, profit-sharing plans, and deferred compensation arrangements with current valuations.

  • Bank Account Disclosure (Kansas Supreme Court Rule 139(c))

    Disclosure of all bank accounts, savings accounts, money market accounts, certificates of deposit, and cash holdings with account statements for the past 12 months.

  • Investment Account Disclosure (Kansas Family Law Code § 23-2802)

    Complete disclosure of all investment accounts, stocks, bonds, mutual funds, securities, and other investment vehicles with current valuations and transaction history.

  • Debt Disclosure (Kansas Supreme Court Rule 139(c))

    Full disclosure of all debts and liabilities including mortgages, loans, credit cards, tax liabilities, and any other financial obligations with current balances and payment terms.

  • Personal Property Disclosure (Kansas Family Law Code § 23-2801)

    Disclosure of all personal property of significant value including vehicles, jewelry, art, collectibles, furniture, and household items with estimated values.

  • Insurance Policy Disclosure (Kansas Supreme Court Rule 139(c))

    Disclosure of all insurance policies including life, health, auto, homeowners, disability, and long-term care policies with coverage details and cash surrender values where applicable.

  • Child Support Guidelines Compliance (Kansas Supreme Court Administrative Order 307)

    Financial disclosures must include all information necessary to calculate child support according to the Kansas Child Support Guidelines, including income verification and childcare expenses.

  • Tax Return Disclosure (Kansas Supreme Court Rule 139(c))

    Parties must provide copies of federal and state income tax returns for the past three years, including all schedules, attachments, and W-2 or 1099 forms.

  • Ongoing Duty to Update (Kansas Supreme Court Rule 139(e))

    Parties have an ongoing duty to update their financial disclosures if material changes occur during the pendency of the divorce proceedings.

  • Penalties for Non-Disclosure (Kansas Family Law Code § 23-2711)

    Failure to disclose assets or providing false information may result in sanctions, attorney fee awards, contempt of court, and potential reopening of property settlements.

  • Federal Tax Disclosure Requirements (26 U.S.C. § 6015)

    Compliance with federal tax disclosure requirements including reporting of alimony payments, property transfers, and retirement account divisions pursuant to divorce.

  • ERISA Compliance (29 U.S.C. § 1056(d)(3))

    Disclosure of retirement accounts must comply with the Employee Retirement Income Security Act requirements for valuation and division of qualified retirement plans.

  • Qualified Domestic Relations Order Disclosure (26 U.S.C. § 414(p))

    Information necessary for preparation of Qualified Domestic Relations Orders (QDROs) for division of retirement accounts must be disclosed, including plan administrator information.

  • Military Benefit Disclosure (10 U.S.C. § 1408)

    For military spouses, disclosure of all military benefits including retirement, healthcare, and other benefits subject to division under the Uniformed Services Former Spouses' Protection Act.

  • Social Security Benefit Disclosure (42 U.S.C. § 407)

    Disclosure of Social Security benefit information for purposes of income calculation, though Social Security benefits themselves are not divisible as marital property.

  • Securities Disclosure Requirements (15 U.S.C. § 78j)

    Proper disclosure of securities and investments in compliance with federal securities laws, particularly for high-net-worth individuals with complex investment portfolios.

Frequently Asked Questions