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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 Washington, 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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Washington Requirements for Financial Disclosure Declaration

  • Washington Public Disclosure Act (RCW 42.17A)

    Requires public officials and candidates to disclose personal financial information to promote transparency and accountability in government.

  • Washington Uniform Disposition of Unclaimed Property Act (RCW 63.29)

    Requires disclosure of abandoned or unclaimed property that may be subject to state custody.

  • Washington Dissolution of Marriage Statute (RCW 26.09.080)

    Requires full disclosure of all assets and liabilities in divorce proceedings to ensure equitable distribution.

  • Washington Child Support Schedule (RCW 26.19)

    Mandates financial disclosure to accurately calculate child support obligations based on parents' income and resources.

  • Washington Financial Declaration Form Requirements (Washington Superior Court Family Law Civil Rule 13)

    Specifies the format and content requirements for financial declarations filed in family law cases.

  • Washington Spousal Maintenance Considerations (RCW 26.09.090)

    Requires disclosure of financial information relevant to determining spousal maintenance awards.

  • Washington Community Property Law (RCW 26.16.030)

    Requires identification and disclosure of community property assets and liabilities acquired during marriage.

  • Washington Separate Property Disclosure (RCW 26.16.010)

    Requires disclosure of separate property assets and liabilities owned before marriage or acquired by gift or inheritance.

  • Washington Penalties for False Statements (RCW 9A.72.040)

    Establishes penalties for knowingly making false statements in financial disclosure declarations.

  • Washington Business Ownership Disclosure (RCW 26.09.080(4))

    Requires detailed disclosure of business interests, ownership percentages, and valuation information.

  • Washington Retirement and Pension Disclosure (RCW 26.09.080(4))

    Mandates disclosure of retirement accounts, pension plans, and deferred compensation arrangements.

  • Federal Tax Return Disclosure (26 U.S.C. § 6103(l)(6))

    Requires disclosure of federal tax returns to verify income and financial status in family law proceedings.

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

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

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

    Governs disclosure requirements for qualified retirement plans and pension benefits in divorce proceedings.

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

    Requires disclosure of bankruptcy proceedings, discharged debts, and related financial information.

  • Foreign Bank Account Reporting (FBAR) (31 U.S.C. § 5314)

    Mandates disclosure of foreign financial accounts exceeding certain thresholds.

  • Federal Child Support Enforcement Act (42 U.S.C. § 651 et seq.)

    Establishes requirements for financial disclosure to determine and enforce child support obligations.

  • Washington Uniform Interstate Family Support Act (RCW 26.21A)

    Governs financial disclosure requirements in interstate support cases.

  • Washington Real Property Disclosure (RCW 26.09.080(4))

    Requires detailed disclosure of real property interests, including ownership status, encumbrances, and valuation.

  • Washington Debt Disclosure Requirements (RCW 26.09.080(3))

    Mandates disclosure of all debts and liabilities, including credit cards, loans, mortgages, and other obligations.

Frequently Asked Questions