Financial Disclosures in Divorce

When a couple decides to get a divorce in Florida, they are required to divide their marital property in an equitable fashion. Similarly, those with children who decide to dissolve their marriage will need to come to an agreement regarding child custody and visitation. Unfortunately, these tasks are difficult for many couples, especially those with acrimonious relationships, so courts are often forced to step in and make the decision. In order to make a fair judgment, courts require both parties to disclose and exchange their financial information. For help determining what kinds of documents you need to give the court or if you have concerns that your spouse is not being completely honest about his or her financial situation, it is critical to speak with an experienced divorce attorney who can ensure that your interests are protected.

Mandatory Disclosure  

Under the Florida Family Rules of Procedure, parties to a family law matter must submit certain documents to each other and to the court, including:

• Proof of income for the past three months, including pay stubs, as well as W-2 or 1099 forms;
• Statements from the parties identifying and explaining the source of all income received during the preceding three months if the amount is not reflected in the pay stubs produced;
• Periodic bank statements from the past three months for all checking accounts;
• Statements from the last year for savings accounts, certificates of deposit, and money market funds, regardless of whether the account is still open;
• Brokerage account statements for the last year;
• Recent statements for profit sharing plans, pension plans, deferred compensation accounts, or retirement accounts;
• The most recent statement and certificate for all life insurance policies;
• Credit card statements for the prior three months;
• All promissory notes from the past year;
• Corporate, trust, and partnership tax returns for the last three years;
• All lease agreements;
• All written premarital agreements; and
• Any court orders directing a party to pay or receive alimony or child support.

Even after all of these documents are submitted, the parties are still required to supplement the documents whenever a material change in financial status occurs. Those who fail to comply with these rules face sanctions from the court and are much less likely to receive a favorable ruling.

Call Today to Learn More About the Divorce Process  

To speak with an experienced Fort Lauderdale attorney about filing for divorce, please call Sandra Bonfiglio, P.A. at 954-945-7591. You can also reach a member of our legal team by completing one of our brief online contact forms.

Resource:

floridasupremecourt.org/clerk/briefs/2001/2201-2400/01-2344_rule.pdf