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What financial disclosures are required in a Colorado divorce?

Under Colorado law, each party to a divorce proceeding is required to provide extensive financial disclosures to the other party. These disclosures must be made early in the process, and without waiting for a formal discovery request from the other side. The court rules provide deadlines by which these disclosures must be provided.

The court rules require that each party provide a sworn financial statement to the other side. This document requires a detailed itemization of monthly income, deductions from income, monthly expenses and debt.

In addition to the sworn financial statement, each party must provide copies of specific financial documents to the other party. The list is extensive and includes tax returns and personal and business financial statements going back three years. In addition, documents evidencing ownership interests in real estate, and documents identifying and showing the current value of pensions, retirement accounts, bank accounts and investments must be turned over. Documents showing the balance and payment terms of debt must be disclosed.

It is critical in a divorce proceeding to prepare these disclosures carefully and accurately. If the court determines a party withheld information or failed to make an accurate disclosure, that party can be penalized in the asset division process. The court can retain jurisdiction for a period of five years after entry of the final divorce decree to reallocate assets that were the subject of a misrepresentation or omission. In egregious cases the court can impose monetary sanctions on a party who failed to make a complete and accurate disclosure. It is best to prepare these forms and assemble the necessary documents with the assistance of an attorney who understands what the court requires.

Source: Colorado Rule of Civil Procedure 16.2(e) (pdf p. 52); Form 35.1, Mandatory Disclosure (pdf p. 293); Form 35.2, Sworn Financial Statement & Form 35.3, Supporting Schedules (pdf pp. 294-302), accessed Sept. 7, 2015

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