In Colorado, the dissolution of a marriage requires both parties to make a full and honest disclosure of their assets and liabilities to one another. You have around 40 days from when the petition is served to make this disclosure. Should either party fail to disclose the entirety of their assets or liabilities, the courts may order them to pay the other party's attorney fees, impose fines or even subject them to jail time.
The list of assets that you are required to disclose is extensive and complex. It is advisable to consult an experienced divorce attorney who can ensure that you provide all of the required information, removing the risk of accidentally overlooking something. The following is an overview of the information that you will have to disclose:
- A sworn financial statement, completed on a court-approved form.
- Personal and business income tax returns for the last three years.
- Personal financial statements for the last three years, including information on any credit or loan applications you have made.
- Business financial statements and year-to-date statements for the last three years.
- Real estate title and valuation documents for all personal or business property.
- Disclosure of personal debt, including statements showing the most recent outstanding balance and payment terms.
- Details of your investments.
- Details of any employment benefits you may receive.
- Retirement plans, including accounts and beneficiaries.
- Bank or financial institution accounts.
- Income documentation for the current and previous years, showing income from employment, investment and any other sources.
- Employment and education-related child care documentation, showing average monthly employment-related child care expense.
- Insurance documentation, including all life, health, and property insurance policies.
- All documents that show the average monthly expense for all recurring extraordinary child expenses.
In high-asset divorces, it can be extremely time-consuming and complicated to ensure that you have disclosed all of the requisite information. In order to make sure that your assets are fully disclosed and that you avoid any sanctions or penalties during your divorce, consulting a reputable and effective Colorado divorce attorney is highly recommended.