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

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Wisconsin Requirements for Financial Disclosure Declaration

  • Wisconsin Ethics Code Financial Disclosure (Wis. Stat. § 19.43-19.44)

    Wisconsin public officials and candidates must file a Statement of Economic Interests annually disclosing financial relationships, investments, and potential conflicts of interest.

  • Marital Property Disclosure (Wis. Stat. § 767.127)

    Requires full disclosure of all marital property assets and liabilities in divorce proceedings, including property acquired during marriage that is subject to division.

  • Individual Property Disclosure (Wis. Stat. § 767.127(1))

    Mandates disclosure of individual property (non-marital) assets and liabilities, including property acquired before marriage or by gift or inheritance.

  • Income Disclosure Requirements (Wis. Stat. § 767.127(1)(a))

    Requires detailed disclosure of all income sources including wages, self-employment, investments, rental income, and other revenue streams.

  • Business Interest Disclosure (Wis. Stat. § 767.127(1)(b))

    Mandates disclosure of all business interests, ownership stakes, partnerships, and corporate holdings, including valuation information.

  • Real Estate Disclosure (Wis. Stat. § 767.127(1)(c))

    Requires listing of all real property interests including primary residence, vacation properties, investment properties, and land holdings with current market valuations.

  • Retirement Account Disclosure (Wis. Stat. § 767.127(1)(d))

    Mandates disclosure of all retirement accounts, pension plans, 401(k)s, IRAs and deferred compensation plans with current valuations.

  • Debt Disclosure (Wis. Stat. § 767.127(1)(e))

    Requires full disclosure of all debts and liabilities including mortgages, loans, credit card debt, tax liabilities, and other financial obligations.

  • Child Support Considerations (Wis. Stat. § 767.511)

    Financial disclosures must include information relevant to child support calculations including income, childcare expenses, and health insurance costs.

  • Verification Requirement (Wis. Stat. § 767.127(3))

    Financial disclosure statements must be verified under oath, with penalties for false statements or material omissions.

  • Updating Disclosure Obligation (Wis. Stat. § 767.127(2))

    Parties must update financial disclosures if material changes occur before final judgment, ensuring information remains current throughout proceedings.

  • Marital Waste Prohibition (Wis. Stat. § 767.61(3)(c))

    Prohibits dissipation or hiding of marital assets after separation or in anticipation of divorce, which must be accounted for in financial disclosures.

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

    Requires disclosure of federal tax returns for the previous two years as part of the financial disclosure process.

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

    Requires disclosure of any pending bankruptcy proceedings or discharged bankruptcies that may affect the division of assets or liabilities.

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

    Disclosure must comply with federal ERISA requirements when dividing qualified retirement plans, including proper valuation methods.

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

    Requires disclosure of military benefits, retirement, and disability payments subject to division under the Uniformed Services Former Spouses' Protection Act.

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

    Requires disclosure of Social Security benefits, though these are not divisible as property in divorce but may affect overall financial planning.

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

    Requires disclosure of all securities, stocks, bonds, and investment accounts in compliance with federal securities regulations.

  • Foreign Asset Disclosure (31 U.S.C. § 5314)

    Mandates disclosure of foreign financial accounts and assets in compliance with the Foreign Account Tax Compliance Act (FATCA) and FBAR requirements.

  • Digital Asset Disclosure (Wis. Stat. § 767.127(1))

    Requires disclosure of digital assets including cryptocurrency holdings, online accounts with monetary value, and intellectual property rights.

Frequently Asked Questions