The complete disclosure and exchange of financial information between the parties to a divorce is necessary for the parties to reach an equitable property settlement.   

In the past, this information was exchanged through the use and abuse of the discovery process, with attorneys preparing pages and pages of interrogatories, with interrogatories sometimes numbering into the hundreds, for the opposing party to respond to.  These interrogatories would cover all sorts of financial topics, whether applicable or inapplicable to the present case.

However, in 2020, the Michigan Supreme Court changed the Michigan Court Rules to streamline the discovery process, by requiring parties to exchange Domestic Relations Verified Information Forms.   These disclosure forms are intended to be a full disclosure of financial information.   At the same time, the number of interrogatories that can be proffered in a family law case has been limited to 35.   

The forms are exchanged between the parties and are not filed with the Court, so they do not become part of the public record.

The Domestic Relations Verified Financial Information Form, or DRVFIF, is to be completed within 28 days of Defendant filing an answer to the complaint.    The disclosure includes the following:

  • Personal Information: Including your name, address, phone number, date of birth, social security number, and driver’s license number.
  • Employment Information: Including your employer’s name and address, your occupation, and any professional license type and number, your gross income, hourly pay rate, hours worked per pay period, and average overtime hours for the last twelve months. If you are self-employed, you must list the total of all owner’s draws made during the last twelve months.   You must provide health, vision, dental, life, and retirement benefits, car allowance, expense reimbursement, and any other benefits received from your employer.
  • Other Income: Including your income from all other sources not limited to commissions, bonuses, profit sharing, interest, dividends, annuities, pensions, trust funds, IRA’s, unemployment benefits, strike pay, sick benefits, worker’s compensation, social security benefits, VA benefits, disability insurance, GI benefits, National Guard/Reserve pay, rental allowance, rental income, spousal support, state disability benefits and SSI.   You must also indicate whether someone else is paying living or housing expenses on your behalf.
  • Real Property: Including your address, date of purchase, estimated value, SEV, balance of mortgage or land contract, monthly payment, taxes and insurance, name of lender, balance of equity loan or HELOC, monthly payment, and name of lender for equity loan or line of credit.   You must provide this for any real estate for which you own an interest.
  • Financial Accounts: Including the type of account, account number, name of institution, name on account, current balance, and balance 90 days prior. You must provide this for each financial account including bank, credit union, CDs, stocks, annuities, IRAs, 401(k), 403(b), trust, MESP and HAS in which you have an interest.
  • Pension: Including the employer’s name, lump sum value, estimated monthly payment, and earliest date eligible to receive pension.
  • Life Insurance: Including the insurance company, policy number, policy owner, beneficiary, account of death benefit, premium amount, cash surrender value, and if employer provided.
  • Motorized Vehicles: Including automobiles, boats, snowmobiles, motorcycles, recreational vehicles, etc.   You must provide the year, make, model, title holder, lender, estivated value, and amount owed for any vehicle in which you have an interest.  You must include information on any vehicle loans that you co-signed for the benefit of another.
  • Personal Property: Including furniture, jewelry, gold, silver, collectibles, artwork, guns, furs, tools, etc.  You must provide a description of the property, the estimated value, and the date purchased or acquired.
  • Debts: Including credit cards, personal loans, student financial aid loans, other unsecured loans. You must provide type of debt, name of lender, account number, name on account, and balance owed.
  • Court Ordered Financial Obligations: Including child support, spousal support, garnishments, civil judgments, court-ordered fines, fees, and restitution.

One of the most important questions on the DRVFIF, is also one of the most overlooked.  It is hidden in the Miscellaneous section of the form, and it states: “Do you claim that any of the assets or debts that you listed are your separate property?  If yes, provide detailed information on which asset(s) or debt(s) and why you think they are your separate property?”  Separate property is property that belongs to you alone, as opposed to marital property, which is property acquired or improved during the marriage.  Separate property can include pre-marital assets and inheritances.  You need to indicate both what you believe is your separate property and why you believe that, so that your separate property can be properly awarded to you in a settlement agreement.

It is imperative that you are complete and thorough in preparing your DRVFIF, as incomplete and evasive responses will likely lead to a motion to compel, or additional discovery requests including interrogatories and even a deposition.   Attempts to conceal your assets may result in further sanctions from the Court, including the forfeiture of those assets.  Sands v. Sands, 442 Mich. 30 (1993), a Michigan Supreme Court case, held that while there is no automatic rule for forfeiture, that forfeiture is an equitable remedy for concealing assets based upon the facts of the case. Your family law attorney will review your form to make sure that it is complete.   Likewise, your family law attorney will review your spouse’s financial information form for completeness and will respond with discovery requests on your behalf if necessary.

Remember, that the complete disclosure of assets and liabilities will make it possible for your attorney to get you an equitable property settlement.