Yes. Although financial disclosure is done informally, it must happen fully and voluntarily, and without delay. This requirement is fundamental to the Collaborative process. It signals that the parties are willing to be straightforward and avoid game-playing about financial information. Instead, both parties agree to freely share information about assets and other financial issues. The financial neutral will make sure both parties fully understand all relevant financial information. It is more cost effective for one financial neutral to assemble all financial documents and perform evaluations or tracing if necessary.
California law requires full disclosure in all divorce cases and imposes serious penalties for hiding financial assets.