In Nevada, there are two (2) types of Financial Disclosure Forms: a General Financial Disclosure Form or a Detailed Financial Disclosure Form. Here, we focus on the General Financial Disclosure Form, referred to as an FDF.
What is an FDF?
An FDF is a standardized eight (8) page financial statement used in family cases that provides a summarized overview of a Party’s: 1.) income, 2.) expenses, 3.) assets, 4.) debts, and 5.) insurance coverage information. Each Party to a family law case must timely complete the FDF requirement and affirm under penalty of perjury that what is contained in the FDF is true and correct.
In custody-only cases, a Party does not have to complete page six (6) of the FDF. That is the page which contains the information regarding assets and debts.
Attached to the FDF, a Party who earns income from any source is supposed to attach the Party’s most recent three (3) paycheck stubs or a profit and loss statement from a business. If someone is self-employed and receives a paycheck and draws, then both the paycheck stubs and profit and loss statements should be included.
A Party may not want to complete the FDF because it may feel intrusive to divulge such personal information to the Court and Opposing Party. Furthermore, the process of properly completing the FDF may be cumbersome and time-consuming for many individuals. While these feelings are understandable, the FDF serves important purposes, and it is mandatory.
Why does an FDF have to be filed?
During the pendency of a family law case, whenever money is involved, each Party is required to file and serve an FDF. Cases involving money include requests for child support, reducing arrears to judgment, seeking contribution toward medical expenses for a child, spousal support, and/or attorney fees and costs.
The FDF is what the Court reviews to consider financial issues in the case. As an example, if the Court were setting child support, an FDF from each parent is necessary. The Court will look at the gross monthly income reported on page two (2) of the FDF and compare it against the attached financial records to verify income is reported accurately.
When does the FDF have to be updated?
Pursuant to Nevada Rule of Civil Procedure (“NRCP”) 16.2 (f) and 16.205 (f) require, whenever a case is in open status or pending, that if there is a change to the financial situation that an updated FDF be filed. As a good rule of thumb, if a hearing is coming up, make sure to check the FDF to ensure the information contained therein is accurate. If not, at least seven (7) days before the hearing, take the necessary step to update your FDF. Under no circumstances should an open case not have an updated FDF within the preceding six (6) months.