Money Will Not Grow on Trees

Posted on Tuesday, February 07, 2012

Money might not grow on trees, but if it did, you would have an ongoing duty to report any changes in the foliage of your money tree if you were involved in a domestic case where there were any economic or property issues . Anyone who has gone through a divorce in Mississippi probably remembers having to fill out the 8.05 Financial Statement-page after page where you are required to itemize anything pertaining to money- your salary, pensions, insurance, down to what you spend every month on magazine subscriptions and even what you tithe every month to your church. As fun and exciting as it was to fill out the form before, effective July 1, 2012, individuals in domestic cases where money and/or property are involved (i.e. divorces, child custody and support, spousal support, etc…) are now required to disclose ALL assets and liabilities, regardless of whether they are marital or non-marital and are under a DUTY to supplement their prior disclosures if any changes have occurred.

So what does this mean for you and your soon-to-be ex? Well, it means that the Court wanted to make clear that EVERYTHING, whether marital or non-marital, MUST be disclosed and that if information provided by prior disclosures changes, spouses MUST provide updates. So why are you now under a duty to supplement your disclosures? Well, when a chancery court is equitably dividing the marital property or determining the appropriate amount of child support, the court must have accurate numbers to base its decision. You would not want your soon-to-be ex to fill out his or her 8.05 Financial Statement when he or she is unemployed or underemployed and then right before the hearing, your ex lands a job that pays double any salary you have ever seen! So remember its simple- include everything in your financial statement and amend if there are any changes.

By: Courtney Wolfe