Financial Statements In Divorce Proceedings

What Is Rule 8.05?

Rule 8.05 is Mississippi’s financial statement form. The court requires detailed, written financial disclosures for all domestic cases involving financial matters. Divorce and child support cases are two types of cases that require 8.05 financial statements.

For divorce cases, this form is required by both parties. The 8.05 form requirement can be waived if both parties and the judge agree. It’s extremely uncommon for judges to agree to waive the required financial disclosure.

8.05 financial disclosures include information about your income, deductions, monthly expenses, and liabilities. You will also have to disclose a detailed employment history and a copy of your most recent income tax return.

Why Are Financial Statements Important In Divorce?

Financial statements play an important role in the equitable distribution decisions in divorce. Equitable distribution is how assets and property are distributed between you and your spouse during divorce proceedings. The distribution of assets is based on a variety of factors, including income, expenses, and earning capacity.

Before assets can be divided, they need to be listed and valued. Your financial statement gives you an opportunity to do this. Depending on your assets, you may need to involve an assessor to determine the value of your property or assets for your financial statement.

The 8.05 financial form is where you list your income, debts, and children’s expenses, if applicable. All of the financial information in your case is based on these forms. 

It’s important to take this form seriously and try to be as accurate as possible. Signing form 8.05 is equivalent to a testimony or an affidavit. If the judge in your case believes the information may not be accurate, they may ask for more financial information.

Contact A Divorce Attorney

Your financial statement is very important to your divorce proceeding. The information in your financial documents can majorly impact how belongings and assets are divided in your divorce. Your 8.05 financial disclosure will also impact how your child support is decided after your divorce.

A divorce attorney can help you through the process of filling out your 8.05 financial form. After you fill out your form, your attorney can sit down with you and review your 8.05 form to make sure that you’ve included everything relevant and have accurately reported your assets and their values.

Jason Campbell is an experienced local divorce attorney who will fight for your rights and your best interest. Contact Campbell Law Firm today to learn more about how we may be able to help you through your divorce proceedings.