In any Florida divorce that involves any type of financial issues such as property division, debt division, child support, and more, each spouse is required to disclose certain information regarding their finances to the other spouse. This trading of information is referred to as Mandatory Disclosure and is required by the Florida Family Courts Rule of Procedure 12.285.
In accordance with Mandatory Disclosure Rules, both spouses must submit the following:
- A financial affidavit using a particular long form for income over $50,000 or another short form for income under $50,000. The information on these forms includes a detailed breakdown of your gross monthly income, monthly deductions, expenses, liabilities/debts, and assets.
- Three years’ worth of personal federal, state, and personal property tax returns.
- Three years’ worth of corporate or other business tax returns if applicable.
- Evidence of income for the past three months, such as pay stubs.
- Leases, promissory notes, or deeds in which the spouse has or recently had an ownership interest.
- Any loan or credit applications prepared within 12 months.
- Three months of statements for any credit cards, loans, leases, or other types of debt.
- Certain number of account statements for all checking accounts, savings accounts, certificates of deposit, money market accounts, brokerage accounts, and more.
- All life, health, or dental insurance policies covering you, your spouse, or any dependent children.
- Statements for all retirement accounts including pensions, 401(k), IRA, 403(b), and more.
- Any court orders for current child or spousal support obligations.
In addition to the above information, if you or your spouse is claiming that certain property is nonmarital and thus not subject to equitable distribution, evidence supporting that claim must be submitted as part of the mandatory disclosures. Also, a spouse must submit any premarital agreements they claim are will come into play in the divorce.
While it may seem daunting to have to compile and disclose all of the above financial information, your spouse must also do the same. These Mandatory Disclosures ensure that your spouse is not lying about his or her financial situation in order to avoid paying certain support or to influence a property division determination. Such disclosures will give both sides a clear view of the whole financial picture of the marriage, which can help ensure that any division or support decisions are fair.
There are certain situations in which Mandatory Disclosures may be waived, including simplified divorces and collaborative divorce proceedings. A financial affidavit may still be required in those situations, though the additional paperwork may not be necessary depending on your situation.
A Boca Raton Divorce Attorney Can Assist You
You always want to make sure to give an accurate picture of your situation in Mandatory Disclosures to ensure that you receive the property and support that you deserve in your divorce. Additionally, correctly reporting all of your liabilities may help make sure the court does not require you to pay more support than you can afford. Alan R. Burton is an experienced divorce attorney in Boca Raton who can help you through every step of the divorce process and make sure your rights are protected. Contact our office today for a free consultation.