When seeking a divorce in Maryland, a “Financial Disclosure Statement” is among the several documents that must be filed with the Maryland divorce court. There are two versions: the short-form and the long-form versions. A financial disclosure statement — either the short or long form — must be filed with the initial Complaint for divorce filed by one spouse. Further, the other spouse must file his or her financial disclosure statement with his or her response to the Complaint. Note, that a joint financial disclosure statement can be filed. A template for the long-form financial disclosure statement can be found here. If you need legal assistance with your financial disclosure statements or have questions, call us here at the Law Office of Robert Castro at (301) 870-1200. We are divorce attorneys in Waldorf, Maryland.

Why are Maryland financial disclosure statements required?

In Maryland, when a couple seeks a divorce, the Maryland divorce court is tasked with several duties that require financial information from the couple. First, the court is required to equitably divide the couple’s marital property. As such, the Maryland divorce court must know what assets (and debts) the couple has. Further, the Maryland divorce court is often asked to make an award of alimony to one spouse or the other. Again, to determine an award of alimony, the court must have financial and asset/debt information concerning each spouse. Finally, if there are minor children involved, then the Maryland divorce court must make an award with respect to child custody and, most importantly, child payment obligations. Thus, the financial statements ask for information like the following:

• The parent’s individual gross monthly income including deductions taken from gross monthly income — this is a key factor in determining child support
• Health insurance costs — another key factor in child support decisions
• Information about the marital home — rental costs, mortgages, insurance, utilities, etc.
• Information on financial and other assets
• Medical expenses
• School expenses
• Other expenses like entertainment — vacations, extracurricular activities, etc.
• Transportation expenses — such as car payments
• Child-related costs like daycare, school expenses, etc.
• Information on retirement accounts
• And more

This information is all relevant to a Maryland divorce court’s decisions concerning equitable division, alimony, and child support. For example, when awarding alimony, a Maryland divorce court judge will consider whether the spouse seeking alimony is or can be wholly or partly self-supporting. This can be determined by looking at the spouse’s financial disclosure statements. Likewise, a court will consider the financial needs and financial resources of each spouse. This, too, can be discerned from the financial disclosure statements.

With respect to child support obligations, the Maryland divorce court must evaluate the total parental income and the percentage each parent contributes to that total income. The court must then apply the statutory guidelines to determine the total award of child support (which is then divided between the parents based on their respective incomes). The financial disclosure statements are a primary source of the information used to make decisions about child support.

Contact Waldorf, Maryland Family Law and Divorce Lawyer Robert Castro Today

This article has been provided by the Law Office of Robert Castro. For more information or questions, contact our office to speak to an experienced Maryland family law and divorce lawyer at (301) 870-1200. We are Waldorf, MD, Divorce lawyers. Our address is 2670 Crain Highway, Waldorf, MD, 20601.