At the beginning of divorce proceedings, either party can request "mandatory disclosure," which includes specific documents that help both sides and their attorneys fully understand the financial landscape before considering potential case resolutions. According to Section 25-32 of the Connecticut Practice Book, mandatory disclosure obligations are defined as follows:
"Unless otherwise ordered by the judicial authority for good cause shown, upon request by a party involved in an action for dissolution of marriage or civil union, legal separation, annulment or support, or a post judgment motion for modification of alimony or support, opposing parties shall exchange the following documents within thirty days of such request:
- all federal and state income tax returns filed within the last three years, including personal returns and returns filed on behalf of any partnership or closely-held corporation of which a party is a partner or shareholder;
- IRS forms W-2, 1099 and K-1 within the last three years including those for the past year if the income tax returns for that year have not been prepared;
- copies of all pay stubs or other evidence of income for the current year and the last pay stub from the past year;
- statements for all accounts maintained with any financial institution, including banks, brokers and financial managers, for the past 24 months;
- the most recent statement showing any interest in any Keogh, IRA, profit sharing plan, deferred compensation plan, pension plan, or retirement account;
- the most recent statement regarding any insurance on the life of any party;
- a summary furnished by the employer of the party's medical insurance policy, coverage, cost of coverage, spousal benefits, and COBRA costs following dissolution;
- any written appraisal concerning any asset owned by either party."
While this list of documents might seem overwhelming, especially for individuals unfamiliar with the family finances, it's important to remember these duties apply to both parties. This exchange enables attorneys to gain a comprehensive understanding of the marriage's financial aspects and the assets involved, particularly through examining the last two years of statements.
Some litigants or law firms initiate divorce proceedings by promptly requesting mandatory disclosure, requiring compliance within thirty days of the return date. Others may seek informal discovery during the ninety-day waiting period to potentially resolve issues without incurring unnecessary costs. It is advisable for all participants in dissolution actions to make diligent efforts to collect and exchange these materials as early as possible, sharing them with their counsel for a clearer assessment of the family's complete financial picture.
Contact Us
If you have any questions about mandatory disclosure in your divorce action, or wish to consult an attorney regarding a legal matter, please contact Joseph C. Maya and the attorneys at Maya Murphy, P.C. at (203) 221-3100 or Jmaya@mayalaw.com to arrange a free initial consultation.
