Dissolution & 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 any questions about financial disclosure as it relates to divorce law in Weston, Pembroke Pines and Broward County, contact our experienced family attorneys for a free initial consultation.