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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 Nebraska, 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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Nebraska Requirements for Financial Disclosure Declaration

  • Nebraska Financial Data Privacy Act (Nebraska Revised Statute § 8-2601 et seq.)

    Requires financial institutions to protect the confidentiality of personal financial information and establishes guidelines for disclosure of financial data in legal proceedings.

  • Nebraska Uniform Property Act (Nebraska Revised Statute § 42-365)

    Governs the classification, valuation, and division of marital property in divorce proceedings, requiring full disclosure of all assets and liabilities.

  • Nebraska Child Support Guidelines (Nebraska Supreme Court Rule § 4-203)

    Establishes requirements for financial disclosure related to income and expenses for determining child support obligations.

  • Nebraska Spousal Support Provisions (Nebraska Revised Statute § 42-365)

    Requires complete financial disclosure to determine appropriate alimony or spousal support payments based on financial circumstances of both parties.

  • Nebraska Rules of Discovery (Nebraska Court Rules of Discovery, Rule 26)

    Establishes procedures for financial disclosure during divorce proceedings, including mandatory disclosure requirements and penalties for non-compliance.

  • Nebraska Uniform Fraudulent Transfer Act (Nebraska Revised Statute § 36-701 et seq.)

    Prohibits the transfer of assets to avoid financial obligations during divorce proceedings and requires disclosure of any transfers made prior to filing.

  • Nebraska Business Valuation Requirements (Nebraska Revised Statute § 42-366)

    Establishes standards for valuation and disclosure of business interests in divorce proceedings, including requirements for financial documentation.

  • Nebraska Retirement Benefits Disclosure (Nebraska Revised Statute § 42-366)

    Requires full disclosure of retirement accounts, pension plans, and other deferred compensation arrangements for equitable division in divorce.

  • Nebraska Real Property Disclosure (Nebraska Revised Statute § 76-2,120)

    Mandates disclosure of all real estate holdings, including valuation, mortgage information, and ownership interests for property division purposes.

  • Nebraska Debt Disclosure Requirements (Nebraska Revised Statute § 42-366)

    Requires full disclosure of all debts and liabilities, including credit cards, loans, and other financial obligations for equitable distribution.

  • Nebraska Tax Return Disclosure (Nebraska Court Rules of Discovery, Rule 34)

    Requires disclosure of tax returns and related documents to verify income and financial status during divorce proceedings.

  • Nebraska Perjury Statutes (Nebraska Revised Statute § 28-915)

    Establishes criminal penalties for knowingly providing false information on financial disclosure declarations in legal proceedings.

  • Federal Tax Information Disclosure (26 U.S.C. § 6103)

    Governs the disclosure of federal tax information in state court proceedings, including divorce and separation cases.

  • Employee Retirement Income Security Act (ERISA) (29 U.S.C. § 1001 et seq.)

    Federal law governing disclosure and division of qualified retirement plans in divorce proceedings, requiring specific documentation for Qualified Domestic Relations Orders (QDROs).

  • Securities Exchange Act Disclosure (15 U.S.C. § 78a et seq.)

    Requires disclosure of securities, stocks, and investment accounts regulated by federal securities laws.

  • Federal Bankruptcy Disclosure Requirements (11 U.S.C. § 521)

    Mandates disclosure of any pending bankruptcy proceedings or filings that may affect the division of assets in divorce.

  • Military Benefits Disclosure (10 U.S.C. § 1408 (Uniformed Services Former Spouses' Protection Act))

    Governs the disclosure and division of military retirement benefits, disability pay, and other military-related financial benefits in divorce proceedings.

  • Social Security Benefits Disclosure (42 U.S.C. § 402)

    Requires disclosure of Social Security benefits and potential eligibility for spousal benefits in divorce proceedings.

  • Foreign Account Tax Compliance Act (FATCA) (26 U.S.C. § 1471-1474)

    Requires disclosure of foreign financial accounts and assets in legal proceedings, including divorce cases.

  • Bank Secrecy Act Compliance (31 U.S.C. § 5311 et seq.)

    Governs disclosure of financial accounts and transactions exceeding certain thresholds, which may be relevant in high-asset divorce cases.

Frequently Asked Questions