Property division is a major aspect of divorce and it can involve lengthy information gathering to identify and value marital assets and debts.
Fortunately, Michigan law now requires both spouses to complete and exchange a financial information form. This form must be completed within 28 days of the defendant’s first responsive pleading.
For example, if you file for divorce, you must serve your spouse with the divorce complaint. Your spouse then files a response to the complaint. The financial information form must be completed within 28 days after your spouse responds to the complaint.
The financial information form requires spouses to disclose personal and employment information, as well as detailed financial information. The purpose of the form is to hopefully make the divorce process a bit streamlined by exchanging financial information early on.
Required financial information
Employment information involves more than disclosing a place of employment. Information on hourly wage, salary, health insurance and retirement benefits must be included.
Spouses are also required to disclose all forms of income. This includes income from investments or benefits such as disability benefits or workers’ compensation benefits.
All information on assets and debts is required. In addition to real estate, personal property and bank account values, the value of business interests and electronic assets such as bitcoin must be included on the form.
In terms of debts, standard debts such as credit card debt, personal loans or student loans are required, as well as any court ordered payments such as spousal support.
Disclosure of separate property
Finally, assets or debts you might consider separate must be included on the form. The goal of property division is to achieve a fair outcome for both spouses. Typically, this cannot be obtained without information on both marital and separate property.
The financial information form does not get filed with the court, so you do not need to worry about your information being part of a court record. However, you must complete the form and provide proof you served it on your spouse.