What is an Income and Expense Declaration in Placer County?

by | Nov 22, 2013 | Firm News |

Parties to a Placer County divorce will more likely than not have to prepare and file an income and expense declaration and many times they will have to do it more than once.  An income and expense declaration in Placer County contains a full disclosure of each party’s gross monthly income from all sources including wages, salaries, tips, overtime pay, bonus pay, commissions, social security, pensions, unemployment, self employment income and the like.  It also contains full disclosure of all expenses, a summary of available assets, and the members who live in the party’s household. Finally it is supposed to contain copies of income verification for each income source listed on the income and expense declaration.

Placer County family judges use the income and expense declaration to help calculate child support, spousal support, and to help determine if either party is eligible for need based attorney fees (Family Code section 2030).  Finally, Income and Expense declarations are a critical part of the disclosure of assets, debts, income, and expenses that both parties must do in their Placer County divorce case.  Everything is signed under penalty of perjury.  Thus, it is critical that both parties tell the truth and fully and accurately disclose their income and expenses.

If you are in a Placer County divorce case and are in need of legal advice concerning your income and expense declaration or your spouse’s income and expense declaration, please give our office a call.  It is important that you have an attorney help you understand your legal rights and obligations.