Required Financial Disclosures in a Florida Divorce
When you are filing for divorce, and there are pending issues involving asset distribution, child support, and/or possible alimony, Florida requires mandatory financial disclosure between the parties. Don’t be shocked, but it pretty much requires an in-depth analysis of both of your financial situations.
You are also required to complete this disclosure early on in the divorce proceedings, typically within 45 days of the petition being served. This means you need to be prepared to get this information prepared right away. This is one of the many ways a Florida divorce attorney can assist.
Required Disclosure Information
The list is quite extensive, but here is a look at some of the items required to be disclosed:
- Federal income tax returns, gift tax returns, and intangible personal property tax returns that you filed on your own or on your spouse’s behalf for at least the last three years;
- Financial statements and loan applications used or prepared within the year preceding service of the financial affidavit request, including whether or not you were obtaining credit or there was another unforeseen reason why;
- Any W-2s, 1099s, and/or K1s for the past twelve months, if your income taxes have not been already prepared yet for the latest tax year.
- Your most recent statements for retirement funds, pension plans, profit sharing, or similar accounts where you are a participant or an alternate payee. The summary plan description is also required for any pension plan, profit sharing, or retirement plan wherein you are a participant or listed an alternate payee;
- All promissory notes for the last year;
- All charge account statements and credit card statements, and any other records that show your indebtedness of the date of filing and for the last three months;
- Partnership, corporate, or trust tax returns for the prior three years if either party has an interest or ownership in any of these that is equal to 30% or more;
- All lease agreements, whether or not it’s in your name individually, with someone else jointly, in your name as a trustee, or in another person’s name on your behalf;
- Certificate, declarations page, and last periodic statement for all life insurance policies that insure your life or the life of the spouse, whether it’s a group insurance plan or not;
- All current health and dental insurance cards that cover either or both you and your ex and your kids (if applicable); and
- Proof of income, including pay stubs, for all earned income for the three months preceding service of the financial affidavit.
These are some of the documents and information you will need to provide in your financial declaration during your divorce. The reason this is required is the court has to make an informed and fair decision on any of the financial matters pertaining to your divorce, like asset distribution, child support, and/or alimony. Without all of this, the split could be lopsided.
What Happens if the Information is Not Produced?
In the event one spouse doesn’t disclose all documentation and you know the information exists, your attorney can file what’s known as a request for production and/or a request for admission to compel your ex to produce the documentation. It’s critical you take action to pursue this information otherwise you could be unfairly treated by the judge’s decision.
Contact a Florida Divorce Attorney
If you need assistance with understanding the financial disclosures required in a divorce, or you need assistance with compelling your spouse to comply, contact the Law Offices of Schwartz | White in Florida at 561-391-9943 to schedule a consultation.