In an action for the dissolution of marriage, if one party does not serve to the other a preliminary declaration of disclosure or fails to give full and accurate disclosure, then the other party may request for preparation of such declaration within a reasonable period of time (California Family Code § 2107).
The Family Code requires “full and accurate disclosure of all assets and liabilities in which one or both parties may have an interest” (Fam.C. § 2103). This is to be done twice during the course of the proceedings, unless otherwise ordered by the court for good cause.
The first disclosure is required to be served after or along with the petition for the divorce (Fam. C. § 2104); and the second is “before or at the time the parties enter into an agreement for the resolution of property or support issues,” or if it goes on trial, not later than 45 days from the first assigned date of trial (Fam. C. § 2105).
Assets and liabilities declaration is necessary in divorce cases and it is very crucial. It takes the expertise of a divorce attorney to get every detail right, or if necessary, to file requests and motions to compel the other to comply with the full and accurate disclosure of assets and liabilities.