DISSOLUTION and FINANCIAL DISCLOSURE
Clients who are going through a Dissolution of Marriage are often surprised
to learn how much personal financial information they must reveal. The laws of
this state require complete financial disclosure Since Florida is a “No Fault”
State, the primary area of dispute between a husband and wife is usually
financial. The following is a list of the financial information required
pursuant to Florida law.
All parties MUST complete a Financial Affidavit. This Affidavit list a
party’s income, expenses, assets and liabilities. It is a sworn document,
signed under oath by the client, swearing to its truthfulness. A financial
affidavit must be filed in all dissolution proceedings, even in the most
simplified uncontested matter.
In addition to the financial affidavit, certain documentation must also be
exchanged between the parties within approximately six weeks from the date of
filing.
These documents include:
1. Income tax returns
2. Pay stubs for the past three months
3. Statement of income
4. Loan applications and financial statements prepared during the preceding 12
months
5. Deeds, leases and promissory notes executed during the past 12 months
6. Checking account statements for the past three months
7. Bank statements (other than checking) for the past 12 months
8. Brokerage account statements for the last 12 months
9. The most recent statements showing value of retirement accounts, profit
sharing or deferred compensation accounts.
10. Life insurance documentation
11. Credit card statements for the past three months
The above list is just a partial list of what might be required. Requests
often require documents dating back three years. It is not unusual that
clients often become quite anxious when assigned the task of gathering this
information.
Here are a few words of advice:
A. Do not wait for the last minute to gather these items. Time deadlines are
extremely important and any delays could result in sanctions.
B. Don’t try and do everything at once. Give yourself enough time to “pace
yourself”.
C. Be as accurate as possible in filling out all Financial Affidavits. Please
remember that it is a sworn document and your answers (if incorrect) can be
used against you.
If you have an attorney, don’t be afraid to ask questions and seek his/her
advise. It can make this task a lot less stressful for all concerned.
If you would like any additional information please call me at 954 385-9160 to schedule an appointment.
