§ 424-A — Compulsory financial disclosure

New York § 424-A

• Jurisdiction: New York
• Law FCT: Family Court Act
• Part 2: Venue and Preliminary Procedure
• Art. 4: Support Proceedings

Text

§ 424-a. Compulsory financial disclosure. Except as provided herein:\n(a) in all support proceedings in family court, there shall be\ncompulsory disclosure by both parties of their respective financial\nstates, provided, however, that this requirement shall not apply to a\nsocial services official who is a party in any support proceeding under\nthis act. No showing of special circumstances shall be required before\nsuch disclosure is ordered and such disclosure may not be waived by\neither party or by the court. A sworn statement of net worth shall be\nfiled with the clerk of the court on a date to be fixed by the court, no\nlater than ten days after the return date of the petition. As used in\nthis part, the term "net worth" shall mean the amount by which total\nassets including income exceed total liabilities including fixed\nfinancial obligations. It shall include all income and assets of\nwhatsoever kind and nature and wherever situated and shall include a\nlist of all assets transferred in any manner during the preceding three\nyears, or the length of the marriage, whichever is shorter, provided,\nhowever, that transfers in the routine course of business which resulted\nin an exchange of assets of substantially equivalent value need not be\nspecifically disclosed where such assets are otherwise identified in the\nstatement of net worth. All such sworn statements of net worth shall be\naccompanied by a current and representative paycheck stub and the most\nrecently filed state and federal income tax returns including a copy of\nthe W-2(s) wage and tax statement(s) submitted with the returns. In\naddition, both parties shall provide information relating to any and all\ngroup health plans available to them for the provision of care or other\nmedical benefits by insurance or otherwise for the benefit of the child\nor children for whom support is sought, including all such information\nas may be required to be included in a qualified medical child support\norder as defined in section six hundred nine of the employee retirement\nincome security act of 1974 (29 USC 1169) including, but not limited to:\n(i) the name and last known mailing address of each party and of each\ndependent to be covered by the order; (ii) the identification and a\ndescription of each group health plan available for the benefit or\ncoverage of the disclosing party and the child or children for whom\nsupport is sought; (iii) a detailed description of the type of coverage\navailable from each group health plan for the potential benefit of each\nsuch dependent; (iv) the identification of the plan administrator for\neach such group health plan and the address of such administrator; (v)\nthe identification numbers for each such group health plan; and (vi)\nsuch other information as may be required by the court;\n (b) when a respondent fails, without good cause, to file a sworn\nstatement of net worth, a current and representative paycheck stub and\nthe most recently filed state and federal income tax returns, including\na copy of the W-2(s) wage and tax statement submitted with the returns,\nor to provide information relating to all group health plans available\nfor the provision of care or other medical benefits by insurance or\notherwise for the benefit of the disclosing party and the child or\nchildren for whom support is sought, as provided in subdivision (a) of\nthis section, the court on its own motion or on application shall grant\nthe relief demanded in the petition or shall order that, for purposes of\nthe support proceeding, the respondent shall be precluded from offering\nevidence as to respondent's financial ability to pay support;\n (c) when a petitioner other than a social services official fails,\nwithout good cause to file a sworn statement of net worth, a current and\nrepresentative paycheck stub and the most recently filed state and\nfederal income tax returns, as provided in subdivision (a) of this\nsection, the court may on its own motion or upon application of any\nparty adjourn such proceeding until such time as the petitioner files\nwith the court such statements and tax returns. The provisions of this\nsubdivision shall not apply to proceedings establishing temporary\nsupport or proceedings for the enforcement of a support order or support\nprovision of a separation agreement or stipulation.\n