Spouses getting a divorce are required to follow certain steps to ensure fair decisions are made. Submitting a financial disclosure is one of those steps, as it helps in ensuring a fair and transparent property division. In Rhode Island, the disclosure is done using the DR-6 Statement of Assets, Liabilities, Income and Expenses, also called the FC-5 form.
You and your spouse need to submit this form to have a clear picture of your marital assets and debts. Here is what to know:
Provide correct information
When filing out your form, make sure you provide accurate information. This is a sworn document made under oath/ penalty of perjury. So, double-check your numbers before submitting the form and have supporting documents.
If you fail to disclose needed information or make false declarations, you may find yourself in legal trouble. You may face penalties for providing an inaccurate statement, and the court may reject it, which can delay finalizing the divorce.
Carefully review your spouse’s statement
When you receive your spouse’s financial declaration, carefully review every detail they have provided. If you need further information, you can request it from them during the discovery phase via interrogatories, depositions, and subpoenas.
If you notice suspicious activities in your spouse’s finances, you should raise the matter immediately. For instance, you notice they have reported a low income, did not provide certain bank statements, are withdrawing large amounts without an explanation or are suddenly paying unfamiliar vendors or employees from their business.
When you report a suspicious activity to the court, it can immediately order your spouse to stop transferring assets, which can significantly protect you.
A spouse hiding income is not an uncommon issue during divorce. This usually leads to unfair property division. Get more information about financial disclosures to protect yourself and your interests.
