In Colorado, when a divorce case is filed, the parties are required to each disclose their financial affairs to the other party. This amounts to a very sizable homework assignment for each party to complete, because it entails putting together a several page affidavit of assets, debts, income and expenses, along with a disclosure of numerous financial documents.
These same disclosures are also usually required in post-decree cases, or in child custody cases in which the parents were not married. In these cases, where the only pending financial issue is child support, the parties still need to disclose their assets and debts, along with the document disclosure.
It is usually very important to carefully manage the preparation of your financial affidavit, because it is relied on heavily by the court and other counsel in the case. The financial that gets filed in your case will stay as part of the court file permanently.
The financial disclosure process is a major part of any domestic relations case in Colorado. The choices made during that process can have lasting effects on the entire case.