If you’re considering divorce in Massachusetts or you’re already in the early stages, financial disclosure can feel intimidating. Many people assume it means digging up every document they’ve ever had. In reality, it’s about creating a clear, accurate snapshot of your finances so decisions about support and division of assets aren’t based on guesses.

What financial disclosure is

Financial disclosure is the process of sharing information about:

• Income
• Assets
• Debts
• Monthly expenses

Even in amicable cases, disclosure matters because it helps both sides make informed decisions and creates a reliable foundation for any agreement.

Why it matters

Clear financial information can impact:

• Child support and alimony
• Division of marital assets and debts
• Decisions about the marital home
• How retirement and long-term assets are handled

When information is incomplete or inconsistent, cases often become slower, more stressful, and harder to resolve.

What to gather: a practical checklist

You don’t need everything at once. Start with these categories and aim for the most recent statements (and the most recent annual documents).

1) Income

• Recent pay stubs
• W-2s and/or 1099s
• Recent tax returns (often the last one or two years)
• Bonus/commission documentation (if applicable)
• Benefits information (unemployment, disability, etc., if applicable)

If income varies (commission, overtime, seasonal work), it helps to collect records showing the pattern over time.

2) Bank accounts

• Checking and savings statements
• Money market or online banking accounts
• Joint accounts and accounts in your individual name

3) Debts

• Credit card statements
• Auto loans, personal loans, lines of credit
• Student loan statements
• Medical debt/payment plans

If you’re unsure what debt exists, a credit report can help identify accounts you may have forgotten.

4) Retirement and investments

• 401(k), 403(b), IRA statements
• Pension information (if applicable)
• Brokerage accounts (stocks, mutual funds, etc.)
• 529/college savings plans (if relevant)

5) Home and property

• Mortgage statements
• Property tax and Homeowners insurance information
• Home equity line of credit statements (if applicable)
• Any appraisal or recent valuation info (if available)

6) Business or self-employment (if applicable)

• Business bank statements
• Invoices and 1099s
• Profit and loss statements (if available)
• Business tax returns
• Records of business expenses

A common issue is blurred business vs. personal spending. If that’s the case, gather what you can and flag where the overlap exists.

7) Monthly expenses

Start with the big recurring costs:

• Housing (rent/mortgage)
• Utilities/internet
• Childcare/school costs
• Health insurance and medical expenses
• Car payments/insurance
• Food, gas, and routine spending

If tracking feels overwhelming, use a few months of bank and credit card statements to estimate categories.

Common mistakes that cause delays

• Guessing instead of verifying with statements
• Forgetting accounts you don’t check often (retirement, old credit cards)
• Only collecting what’s “in your name”
• Waiting until the last minute and rushing to meet deadlines

A simple way to get organized

Create one folder (digital or paper) and sort documents into:

• Income
• Bank Accounts
• Debts
• Retirement/Investments
• Home/Property
• Business
• Expenses

Start with the “big four”: income, bank accounts, credit cards, retirement accounts. Add the rest as you go.

Bottom line

Financial disclosure is one of the most important building blocks of a Massachusetts divorce. When the financial picture is clear, decisions about support and division of assets are typically easier, faster, and less stressful. Please contact our team here to learn more.