Understanding the Importance of 8.05 Financial Declarations

JACKSON, MS. According to Business Insider, Vanessa Hayden Trump filed for divorce from Donald Trump, Jr. shortly after reportedly receiving a large inheritance from her family. In the weeks that have followed, she was allegedly asked by Trump Jr.’s lawyers to provide a financial statement of her net worth. Some have begun to speculate about whether the inheritance played a role in her decision, but others close to the couple claim that the divorce had been in the works for some time.

Side view of unhappy young couple standing back to back at home

Divorce can affect everyone involved financially. Splitting assets and homes can leave both parties in a divorce with less money to work with. Women, in particular, are often hit hard by divorce because they often stay home to raise and care for their children. While the Trumps’ divorce likely involves large sums of money, couples who are getting divorced will want to submit financial statements of their net worth before making any divorce decisions, regardless of their assets. Such financial statements, known as an 8.05 Financial Declaration, show both parties (and both parties’ divorce attorneys) each person’s income, how much each person spends on a monthly basis, how much each person has in the bank, how much each party owns in assets, and what each party owes in debt. These financial statements not only help answer questions about how assets will be divided, but they also help divorce lawyers estimate child custody support payments. Child support payments are determined based on statute and the standard of living each parent can provide. Because these 8.05 financial statements are so crucial in these critical divorce negotiations, they are generally required by law.  However, the parties, with the Court’s permission, can agree to waive said statements, but this is often discouraged. Questions regarding the division of assets questions and child custody can be among the most difficult that divorcing couples can face. If you have questions about these issues, consider reaching out to the Malouf & Malouf divorce attorneys in Jackson.  Our firm can help answer your toughest divorce questions. If you are getting divorced in Mississippi, it is understandable that you will want to finalize your divorce as quickly as possible. However, it is important to ask for 8.05 financial statements and to review your spouse’s financial situation before you move forward with a divorce. You may also want to hire a qualified divorce attorney to review your case before you agree to a settlement. Visit https://malouflaw.com/ to learn more. Our divorce attorneys can review your situation and help you reach the best possible settlement.   Malouf & Malouf, PLLC 501 E. Capitol Street Jackson, Mississippi 39201 Phone Number: (601) 522-2222    
Categories: divorce