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Posts Tagged Rule 410 financial disclosure

Financial Disclosure in a Divorce

What are the legal fees of divorce?When spouses are going through a divorce, a common concern is that their husband/wife will not fully disclose their assets. In Massachusetts, to protect against this issue, the Court issued Supplemental Probate Court Rule 410, in which both parties must exchange certain financial information within 45 days after the defendant was served the summons and complaint for divorce. Under Supplemental Probate Court Rule 410, spouses must exchange:

 

 

Federal and state income tax returns and schedules for the past three (3) years and any non-public, limited partnership and privately held corporate returns for any entity in which either party has an interest together with all supporting documentation for tax returns, including but not limited to W-2s, 1099s, 1098s, K-1s, Schedules C and Schedules E.

 

Statements for the past three (3) years for all bank accounts held in the name of either party individually or jointly, or in the name of another person for the benefit of either party, or held by either party for the benefit of the parties’ minor child(ren).

 

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