FINANCIAL STATEMENTS IN DIVORCE AND SUPPORT CASES – Supplemental Rule 401
Supplemental Rule 401 of the Probate and Family Court governs financial statements that are to be used in domestic relations matters. The Rule is important and provides the following salient points:
- Unless the trial court orders otherwise, each party to a divorce or separate support action or any other action where financial relief is requested must file with the court and serve on the other party a complete and accurate financial statement.
- The financial statement must be filed and served within 45 days of service of the summons, unless a hearing is scheduled. If a hearing on financial issues is scheduled sooner than 45 days after service of the summons, the financial statements must be served at least two days before the hearing.
- The financial statement must show the assets, liabilities, and current income and expenses of both parties and children involved in the case.
- Either the long form or the short form must be filled out, depending on the income of the party. If a party’s income is $75,000 or more, the long form must be completed.
- Financial statements are private and not subject to public viewing.
- Financial statements are signed by a party under penalty of perjury.
- Either party may demand that the other party complete a financial statement.
There may be significant penalties for failing to comply with Supplemental Rule 401, including financial sanctions, restrictions of evidence on financial issues and the striking of the financial statement. If a party attempts to conceal assets or other financial information that may be grounds for the court to allow objections to the divorce judgment, or to allow relief from the judgment. A party that provides false information may also be subject to contempt proceedings, including criminal prosecution.
For more information about the specific information required in the long and short financial statement forms click here.
Please feel free to call our office today, or send us an email, to discuss your case. We are very experienced litigators and can help in your divorce or separate support action.
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