In a New Jersey divorce, the Case Information Statement provides comprehensive financial information to the court and the opposing party. This document serves as a snapshot of each spouse’s financial situation. Its primary purpose is to facilitate fair and equitable distribution of marital property.
Understanding the importance of the CIS is helpful for anyone navigating the divorce process.
Providing financial disclosure
The CIS provides full and transparent financial disclosure to both parties involved in the divorce. Each spouse must complete a CIS, detailing his or her income, expenses, assets and debts. This information helps the court assess the financial circumstances of each party. It also enables the court to make informed decisions regarding issues such as alimony, child support and the division of marital assets.
Facilitating equitable distribution
The CIS also facilitates equitable distribution of marital property in divorces. By providing an overview of each spouse’s financial situation, the CIS helps the court determine a fair division of assets and liabilities based on various factors. This ensures that both spouses receive an equitable share of the marital estate.
Ensuring compliance with court rules
In addition to providing financial disclosure, the CIS ensures compliance with court rules and procedures. New Jersey Court Rule 5:5-2 requires parties in a divorce proceeding to exchange completed CIS forms within a specified timeframe. Failure to comply with this requirement can result in monetary penalties or adverse rulings. Thus, completing and exchanging the CIS on time is important for both parties.
By completing the Case Information Statement and providing transparent financial information, those navigating divorce can streamline the process and work toward a fair and amicable resolution of their marital issues.