8.05 amended to require supplemental disclosures

Today’s hand down list from the Mississippi Supreme Court contained an order amending Uniform Chancery Court Rule 8.05 to require supplemental disclosures.  So exactly when is supplementation required?

The disclosures shall include any and all assets and liabilities, whether marital or non-marital. A party is under a duty to supplement prior disclosures if that party knows that the disclosure, though correct when made, no longer accurately reflects any and all actual income and expenses and assets and liabilities, as required by this Rule.

This amendment is effective as of July 1, 2012.  You can find the order here.  Lack of diligence in completing proper financial statements makes it hard enough on a Chancellor.  That is only compounded when everyone gets to trial and one side’s 8.05 is 14 months old.   If you want to ensure that your financial statements are sufficient, incorporate these tips from Chancellor Primeaux.  But remember, you still have to prove valuation.  If you fail to put on proof of valuation and the Chancellor doesn’t rule in your favor (which will generally be the case), don’t expect much help on appeal. 

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