When divorcing, the marital assets and debts must be divided. In order to make this happen, the parties must exchange financial information. There is a lot of paperwork involved in this step. If you are the Petitioner, this step should be done within 60 days of filing the petition. If you are the Respondent, this should be done within 60 days of the filing of the Response.
Income and Expense Declaration
The Income and Expense Declaration requires parties to list all sources of your income. The party must attach two months of paystubs. (If you paid monthly, this means attach two paystubs, if paid bi-monthly, this requires four paystubs, if paid every other week, you will likely need to turn in five paystubs, etc.) For your protection, cross out your social security number if it appears on your paystub.
This document also asks requests information on all expenses. This document is served on the other party and is filed in court.
Schedule of Assets and Debts
The Schedule of Assets and Debts mandates that you list everything you owe and everything you own. Be as detailed as possible. If you believe that you have property that is yours alone (in other words, not community property), you should clearly indicate that in the schedule of assets and debts.
The Schedule of Assets and Debts is not filed in the court. It is served on the other party.