Facing a South Carolina divorce or family court case? Understanding South Carolina Family Court Rule 20 and your Financial Declaration obligations can mean the difference between a fair outcome and serious legal consequences. This comprehensive guide explains everything you need to know about financial disclosure requirements in South Carolina family law cases.

What Is a South Carolina Financial Declaration?

A Financial Declaration is a mandatory sworn statement detailing your complete financial picture in South Carolina family court proceedings. Under South Carolina Family Court Rule 20, you must disclose all income sources, assets, debts, and monthly expenses to the court and opposing party.

South Carolina family courts require Financial Declarations in:

• Divorce and equitable distribution cases
• Child support determinations and modifications
• Alimony (spousal support) proceedings
• Contempt actions for non-payment
• Custody matters involving financial circumstances

South Carolina Family Court Rule 20: Mandatory Financial Disclosure

South Carolina Family Court Rule 20 establishes mandatory financial disclosure requirements for all parties in family court matters involving financial issues. This isn’t optional—it’s a court rule with significant consequences for non-compliance.

Required Documentation Under Rule 20

Each party must provide:

• Completed Financial Declaration form
• Federal income tax returns (past three years)
• Current pay stubs or income verification
• Bank account, investment account, and retirement account statements
• Documentation of all debts and liabilities

You sign your Financial Declaration under oath. Providing false or incomplete information constitutes perjury and can result in contempt of court.

Why Complete Financial Disclosure Matters in South Carolina Divorce Cases

Accurate Child Support Calculations

South Carolina Child Support Guidelines calculate support based on both parents’ gross income. Underreporting income leads to incorrect child support orders that can later be modified—often retroactively—once the court discovers the truth.

Fair Alimony Determinations

South Carolina courts consider numerous factors when determining alimony, including each spouse’s income, earning potential, and financial resources. Incomplete financial disclosure prevents judges from making informed alimony decisions.

Equitable Distribution of Marital Property

South Carolina follows equitable distribution principles, meaning marital property should be divided fairly between spouses. The court cannot equitably distribute assets it doesn’t know exist. Hidden assets affect not only property division but also alimony and child support calculations.

Legal Consequences of Incomplete Financial Disclosure in South Carolina

Contempt of Court

Violating South Carolina Family Court Rule 20 disclosure requirements can result in contempt findings, leading to:

• Monetary fines
• Payment of opposing party’s attorney’s fees
• Possible jail time

Modified Court Orders

When hidden income or assets surface later, South Carolina courts can modify:

• Child support orders (often retroactively)
• Alimony awards
• Property division settlements

You may end up paying significantly more than if you’d disclosed everything initially.

Damaged Credibility

Dishonesty about finances destroys your credibility with the court. Judges who catch financial deception often question your testimony on all matters, including child custody and parenting time.

Fraud Claims and Case Reopening

Even after your South Carolina divorce is final, your former spouse can petition to reopen the case based on fraudulent concealment of assets or income discovered during or after the proceedings.

Common Financial Disclosure Mistakes in South Carolina Family Court

Overlooked Income Sources

Many people forget to disclose:

• Bonuses, commissions, and overtime pay
• Rental property income
• Investment income and dividends
• Self-employment income
• Unemployment and disability benefits
• Social Security income
• Side business or gig economy earnings

Business Interests

If you own a business or hold ownership interests in companies (including LLCs and partnerships), you must disclose complete financial information about these entities. Business valuations are often crucial in South Carolina divorce cases.

Retirement Accounts

Disclose all retirement accounts, including:

• 401(k) plans
• Traditional and Roth IRAs
• Pension plans
• Deferred compensation
• Military retirement benefits

Bank and Investment Accounts

Every financial account requires disclosure:

• Checking and savings accounts
• Money market accounts
• Certificates of deposit
• Brokerage accounts
• Cryptocurrency holdings

Real Estate Holdings

Disclose all real property, including:

• Primary residence
• Investment properties
• Vacation homes
• Undeveloped land
• Properties held in trusts or LLCs

Personal Property and Valuables

Don’t overlook:

• Vehicles, boats, and recreational vehicles
• Jewelry and collectibles
• Art and antiques
• Tools and equipment

Complete Debt Disclosure

List all debts:

• Mortgages and home equity lines
• Vehicle loans
• Credit card balances
• Personal loans
• Student loan debt
• Tax obligations
• Medical debt

Best Practices for Completing Your South Carolina Financial Declaration

Gather Complete Documentation

Before completing your Financial Declaration, collect:

• Recent pay stubs (2-3 months)
• Tax returns (3 years)
• Bank statements (6 months to 1 year)
• Retirement account statements
• Mortgage and loan statements
• Credit card statements
• Property tax assessments

Report All Income Sources

Include every source of income, regardless of how irregular or occasional. The South Carolina Child Support Guidelines consider all income when calculating support obligations.

Accurate Asset Valuations

Don’t guess at values:

• Vehicles: Check Kelley Blue Book or NADA guides
• Retirement accounts: Use most recent statements
• Real estate: Consider professional appraisals or comparative market analyses
• Business interests: May require professional business valuation

Update Changes Promptly

South Carolina Family Court Rule 20 imposes a continuing duty to supplement your Financial Declaration when circumstances change significantly. File amended Financial Declarations when necessary.

Work With Your South Carolina Family Law Attorney

An experienced South Carolina family law attorney can review your Financial Declaration before filing and ensure compliance with Rule 20 requirements.

What If You Made a Mistake on Your Financial Declaration?

Discovered an error or omission after filing? Inform your attorney immediately. South Carolina courts understand honest mistakes occur, especially with complex finances. You can typically file an amended Financial Declaration correcting errors.

The critical difference: voluntarily correcting errors versus being caught hiding information during discovery. Courts tolerate honest mistakes but harshly penalize deliberate concealment.

The Discovery Process in South Carolina Family Court

Beyond Rule 20’s baseline requirements, South Carolina family court cases typically involve additional discovery:

• Interrogatories (written questions under oath)
• Requests for production of documents
• Third-party subpoenas to banks and employers
• Depositions (oral testimony under oath)
• Forensic accounting (in complex cases)

Discovery often reveals undisclosed financial information. Being completely honest from the start avoids the severe consequences of being caught hiding assets or income.

Protecting Your Rights in South Carolina Financial Disclosure

Complete financial disclosure protects your interests by:

• Ensuring fair division of marital debts
• Guaranteeing you receive your share of marital assets
• Establishing accurate child support and alimony based on both parties’ true financial circumstances

If your spouse fails to provide complete disclosure under Rule 20, your attorney can use discovery tools to uncover missing information, potentially including forensic accountants for complex financial situations.

Conclusion: South Carolina Financial Declaration Compliance Is Essential

Your Financial Declaration forms the foundation of any South Carolina family court case involving financial issues. Complete, accurate, and honest financial disclosure isn’t just a legal obligation under Family Court Rule 20—it’s essential for achieving fair resolution.

The consequences of incomplete disclosure far outweigh the effort required to complete thorough financial documentation. Potential penalties include unfavorable court orders, contempt findings, additional attorney’s fees, retroactive modifications, and permanently damaged credibility with the court.

Need Help With Your South Carolina Family Law Case?

At Klok Law Firm LLC in Charleston, we guide clients through South Carolina Family Court Rule 20 requirements and complex financial disclosure issues. Our experienced family law attorneys ensure your rights are protected throughout divorce, child support, alimony, and custody proceedings.

Contact Klok Law Firm LLC today to schedule a consultation. We help South Carolina families navigate family court matters with confidence and achieve fair outcomes.

This blog post provides general information about South Carolina family law and does not constitute legal advice. Every case is unique. Consult with a qualified South Carolina family law attorney about your specific situation.

By Suzanne Klok|2025-11-13T17:01:16+00:00August 15th, 2025|Financial Declaration|Comments Off on South Carolina Financial Declaration Requirements: Rule 20 Disclosure Guide for Divorce

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About the Author: Suzanne Klok

South Carolina Financial Declaration Requirements: Rule 20 Disclosure Guide for Divorce

Facing a South Carolina divorce or family court case? Understanding South Carolina Family Court Rule 20 and your Financial Declaration obligations can mean the difference between a fair outcome and serious legal consequences. This comprehensive guide explains everything you need to know about financial disclosure requirements in South Carolina family law cases.

What Is a South Carolina Financial Declaration?

A Financial Declaration is a mandatory sworn statement detailing your complete financial picture in South Carolina family court proceedings. Under South Carolina Family Court Rule 20, you must disclose all income sources, assets, debts, and monthly expenses to the court and opposing party.

South Carolina family courts require Financial Declarations in:

• Divorce and equitable distribution cases
• Child support determinations and modifications
• Alimony (spousal support) proceedings
• Contempt actions for non-payment
• Custody matters involving financial circumstances

South Carolina Family Court Rule 20: Mandatory Financial Disclosure

South Carolina Family Court Rule 20 establishes mandatory financial disclosure requirements for all parties in family court matters involving financial issues. This isn’t optional—it’s a court rule with significant consequences for non-compliance.

Required Documentation Under Rule 20

Each party must provide:

• Completed Financial Declaration form
• Federal income tax returns (past three years)
• Current pay stubs or income verification
• Bank account, investment account, and retirement account statements
• Documentation of all debts and liabilities

You sign your Financial Declaration under oath. Providing false or incomplete information constitutes perjury and can result in contempt of court.

Why Complete Financial Disclosure Matters in South Carolina Divorce Cases

Accurate Child Support Calculations

South Carolina Child Support Guidelines calculate support based on both parents’ gross income. Underreporting income leads to incorrect child support orders that can later be modified—often retroactively—once the court discovers the truth.

Fair Alimony Determinations

South Carolina courts consider numerous factors when determining alimony, including each spouse’s income, earning potential, and financial resources. Incomplete financial disclosure prevents judges from making informed alimony decisions.

Equitable Distribution of Marital Property

South Carolina follows equitable distribution principles, meaning marital property should be divided fairly between spouses. The court cannot equitably distribute assets it doesn’t know exist. Hidden assets affect not only property division but also alimony and child support calculations.

Legal Consequences of Incomplete Financial Disclosure in South Carolina

Contempt of Court

Violating South Carolina Family Court Rule 20 disclosure requirements can result in contempt findings, leading to:

• Monetary fines
• Payment of opposing party’s attorney’s fees
• Possible jail time

Modified Court Orders

When hidden income or assets surface later, South Carolina courts can modify:

• Child support orders (often retroactively)
• Alimony awards
• Property division settlements

You may end up paying significantly more than if you’d disclosed everything initially.

Damaged Credibility

Dishonesty about finances destroys your credibility with the court. Judges who catch financial deception often question your testimony on all matters, including child custody and parenting time.

Fraud Claims and Case Reopening

Even after your South Carolina divorce is final, your former spouse can petition to reopen the case based on fraudulent concealment of assets or income discovered during or after the proceedings.

Common Financial Disclosure Mistakes in South Carolina Family Court

Overlooked Income Sources

Many people forget to disclose:

• Bonuses, commissions, and overtime pay
• Rental property income
• Investment income and dividends
• Self-employment income
• Unemployment and disability benefits
• Social Security income
• Side business or gig economy earnings

Business Interests

If you own a business or hold ownership interests in companies (including LLCs and partnerships), you must disclose complete financial information about these entities. Business valuations are often crucial in South Carolina divorce cases.

Retirement Accounts

Disclose all retirement accounts, including:

• 401(k) plans
• Traditional and Roth IRAs
• Pension plans
• Deferred compensation
• Military retirement benefits

Bank and Investment Accounts

Every financial account requires disclosure:

• Checking and savings accounts
• Money market accounts
• Certificates of deposit
• Brokerage accounts
• Cryptocurrency holdings

Real Estate Holdings

Disclose all real property, including:

• Primary residence
• Investment properties
• Vacation homes
• Undeveloped land
• Properties held in trusts or LLCs

Personal Property and Valuables

Don’t overlook:

• Vehicles, boats, and recreational vehicles
• Jewelry and collectibles
• Art and antiques
• Tools and equipment

Complete Debt Disclosure

List all debts:

• Mortgages and home equity lines
• Vehicle loans
• Credit card balances
• Personal loans
• Student loan debt
• Tax obligations
• Medical debt

Best Practices for Completing Your South Carolina Financial Declaration

Gather Complete Documentation

Before completing your Financial Declaration, collect:

• Recent pay stubs (2-3 months)
• Tax returns (3 years)
• Bank statements (6 months to 1 year)
• Retirement account statements
• Mortgage and loan statements
• Credit card statements
• Property tax assessments

Report All Income Sources

Include every source of income, regardless of how irregular or occasional. The South Carolina Child Support Guidelines consider all income when calculating support obligations.

Accurate Asset Valuations

Don’t guess at values:

• Vehicles: Check Kelley Blue Book or NADA guides
• Retirement accounts: Use most recent statements
• Real estate: Consider professional appraisals or comparative market analyses
• Business interests: May require professional business valuation

Update Changes Promptly

South Carolina Family Court Rule 20 imposes a continuing duty to supplement your Financial Declaration when circumstances change significantly. File amended Financial Declarations when necessary.

Work With Your South Carolina Family Law Attorney

An experienced South Carolina family law attorney can review your Financial Declaration before filing and ensure compliance with Rule 20 requirements.

What If You Made a Mistake on Your Financial Declaration?

Discovered an error or omission after filing? Inform your attorney immediately. South Carolina courts understand honest mistakes occur, especially with complex finances. You can typically file an amended Financial Declaration correcting errors.

The critical difference: voluntarily correcting errors versus being caught hiding information during discovery. Courts tolerate honest mistakes but harshly penalize deliberate concealment.

The Discovery Process in South Carolina Family Court

Beyond Rule 20’s baseline requirements, South Carolina family court cases typically involve additional discovery:

• Interrogatories (written questions under oath)
• Requests for production of documents
• Third-party subpoenas to banks and employers
• Depositions (oral testimony under oath)
• Forensic accounting (in complex cases)

Discovery often reveals undisclosed financial information. Being completely honest from the start avoids the severe consequences of being caught hiding assets or income.

Protecting Your Rights in South Carolina Financial Disclosure

Complete financial disclosure protects your interests by:

• Ensuring fair division of marital debts
• Guaranteeing you receive your share of marital assets
• Establishing accurate child support and alimony based on both parties’ true financial circumstances

If your spouse fails to provide complete disclosure under Rule 20, your attorney can use discovery tools to uncover missing information, potentially including forensic accountants for complex financial situations.

Conclusion: South Carolina Financial Declaration Compliance Is Essential

Your Financial Declaration forms the foundation of any South Carolina family court case involving financial issues. Complete, accurate, and honest financial disclosure isn’t just a legal obligation under Family Court Rule 20—it’s essential for achieving fair resolution.

The consequences of incomplete disclosure far outweigh the effort required to complete thorough financial documentation. Potential penalties include unfavorable court orders, contempt findings, additional attorney’s fees, retroactive modifications, and permanently damaged credibility with the court.

Need Help With Your South Carolina Family Law Case?

At Klok Law Firm LLC in Charleston, we guide clients through South Carolina Family Court Rule 20 requirements and complex financial disclosure issues. Our experienced family law attorneys ensure your rights are protected throughout divorce, child support, alimony, and custody proceedings.

Contact Klok Law Firm LLC today to schedule a consultation. We help South Carolina families navigate family court matters with confidence and achieve fair outcomes.

This blog post provides general information about South Carolina family law and does not constitute legal advice. Every case is unique. Consult with a qualified South Carolina family law attorney about your specific situation.