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Financial Disclosure Form

What Is a Financial Disclosure Form? Why Do I Have to File It?

When dealing with financial relief, the Eighth Judicial District Court Rule (Clark County-Las Vegas and surrounding areas) require that litigants file a Financial Disclosure Form pursuant to local rule 5.506. The information contained herein is related to the General Financial Disclosure Form and not the Detailed Financial Disclosure Form. The Financial Disclosure Form is required because it provides the Court with a snapshot of a the filing Party’s income and expense. Each litigant is required to file a Financial Disclosure Form and attach to the filing their three most recent paycheck stubs from all sources.

The failure to file a Financial Disclosure Form is a fatal flaw that results in the Court not considering financial relief being made in the action. To be clear, Eighth Judicial District Court Rule 5.506 (a) states that financial relief includes requests to “establish or modify child support, spousal support, fees and allowances, exclusive possession of a residence, or any matter involving money to be paid by a party.” The rule as requires that an updated Financial Disclosure Form be filed every six months or that language be included in a filing that there has been no change since the last Financial Disclosure Form is filed.

The Court uses the Financial Disclosure Form to verify income is correct, this includes payments from all sources. The Financial Disclosure Form should include overtime, bonuses, shift-differential, etc. The income information is used to calculate child support which is based upon gross monthly income, it is used to determine need and ability to pay related to requests for support and to determine requests for attorney fees.

We find the first page of the Financial Disclosure Form useful when looking at issues of unemployment or underemployment. The first page lists current employment, but at the bottom is also a section regarding past employment. This can be helpful when deciding what information is relevant in litigation related to changes in income. It is supposed to list prior employment information.

The second and third page are the snapshot of current gross monthly income and paycheck deductions. The third page also has a section for self-employment income. In the event a Party is self-employed, it might be prudent if you meet the filing requirements to request or opt in for completion of a Detailed Financial Disclosure Form because it provides must more information regarding business income and expenses.

The fourth page of the Financial Disclosure Form is a snapshot of the expenses being paid. The Financial Disclosure Form goes through a detailed breakdown of expenses and what is being paid- it is everything from rent to food expenses. The Financial Disclosure Form really tries to account for all anticipated expenses. The last expense is “other” and an attachment can be provided which details other expenses which might not be accounted for in the pre-printed list on the Financial Disclosure Form. We have had people include expenses related to personal grooming- nails, spa days, etc.; we have had people provided a more detailed accounting of payments of credit card debt and/or student loans; it may also include an estimated yearly spending for vacations. It really gives the person who fills out the Financial Disclosure Form to account for anything not covered in the list. Also, Nevada Rule of Civil Procedure 16.2 (d)(2) provides that whatever information was relied upon to complete the Financial Disclosure Form must be produced. We believe that means the utility statements, proof of rent, receipts for food spending, etc.

The fifth page of the Financial Disclosure Form relates to the children in the household and spending for those children. It also includes a section C which is a list of anybody living in the house over he age of 18, the relationship between the person completing the Financial Disclosure Form and the person living in the residence, and the amount that person contributes to the household each month.

The sixth page of the Financial Disclosure Form is a complete disclosure of all assets and debts. This should include bank accounts, furniture, cars, retirement, investment accounts, credit cards, student loans, etc. The list is endless and should be completed detailed because an attorney may point out the lack of disclosure as misrepresentation.

The seven page of the Financial Disclosure Form is the attorney payment information section and a perjury/fraud disclosure. The Financial Disclosure Form is being signed under penalty of perjury. This means that if a person provides inaccurate information or misrepresents information on the Financial Disclosure Form that the Court may refer the matter for prosecution. Therefore, the completion of the Financial Disclosure Form should not be taken lightly and care should be taken when completing and filing it.