Financial Disclosures: What Is 16.2 and Why Do I Have to Disclose?

Hand holding a phone calculator.Colorado has adopted a simplified civil procedure rule regarding case management and disclosure in domestic relations cases, this Rule is often referred to as Rule 16.2.

Pursuant to C.R.C.P. 16.2(e):

Parties to domestic relations cases owe each other and the court a duty of full and honest disclosure of all faces that materially affect their rights and interests and those of the children involved in the case. The court requires that, in the discharge of this duty, a party must affirmatively disclose all information that is material to the resolution of the case without awaiting inquiry from the other party. This disclosure shall be conducted in accord with the duty of candor owing among those whose domestic issues are to be resolved under this Rule 16.2.

To discuss C.R.C.P. 16.2 with one of our Colorado Springs attorneys, contact us today or call (719) 626-8530

What Does C.R.C.P. 16.2 Mean?

It means that if it could affect the property division, child support, maintenance, or issues regarding the children you have to disclose it.

Colorado Court Form 35.1 details information and mandatory financial disclosures required under Rule 16.2. Under that rule you need to disclose any financial account in which you have an interest, including but not limited to credit card statements, bank statements, retirement and investment account statements. You must also disclose without inquiry all sources of income including wages, bonuses, compensation, retirement compensation, shift differentials, per diem, dividends, rental income and the like. These things are relevant and material to property division and all support issues.

Also material, are a vested interests in trusts and property of others including trusts.

The Court of Appeals and Supreme Court have interpreted many provisions of 16.2, primarily dealing with financial disclosures.

Under these cases, parties have an affirmative duty to disclose. Failure to do so, can result in reopening and new litigation of financial issues. This results in increased stress and fees for families.

The best way to proceed is to over disclose. If there is an issue, financial or not which may or may not impact the findings or outcome of a case, then it needs to be disclosed without further inquiry. Things like medical records, mental health records, substance abuse testing or evaluation results and other similar things are all subject to disclosure under the rule. Divorce and child custody litigation is not a time to play hide the ball.

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