Financial Disclosures in Family Law Matters

When couples file for divorce or are involved in a dispute regarding their children, the parties are required to exchange certain financial information. Knowing which documentation must be submitted can be difficult, so if you want to ensure that you comply with all court rules regarding financial disclosures, you should consider retaining an experienced family law attorney who is well-versed in Florida law and can make sure that your case goes as smoothly as possible.

Turning Over Financial Documentation  

According to the Florida Family Rules of Procedure, whenever a family law matter is filed in a circuit court, the parties are required to make certain financial disclosures to each other by exchanging documentation, including:

• A financial affidavit;
• All federal and state income tax returns and gift tax returns from the previous three years;
• Certain IRS forms, such as W-2s, 1099s, and K-1s for the past year;
• Proof of income from the past three months, including pay stubs and a statement identifying the amount and source of all income received, regardless of the source;
• No less than three months’ worth of bank statements from all checking accounts;
• Periodic statements from the last year for savings accounts, certificates of deposit, and money market funds
• Any loan applications and financial statements prepared within the preceding 12 months, regardless of the purpose for doing so;
• All promissory notes from the past year;
• All deeds from the past three years;
• All present leases, whether held in the party’s name individually, jointly, or as a trustee or guardian;
• Brokerage account statements from the prior year;
• The most recent statement from a retirement, profit sharing, deferred compensation, or pension plan, in which each party is a participant, as well as a summary plan description;
• The declarations page, the certificate, and the last periodic statement for all life insurance policies covering the parties or their children;
• Corporate, trust, or partnership tax returns for the past three years if the party owns at least a 30 percent interest in a business;
• All credit card statements and other records of indebtedness for the last three months;
• All present lease agreements;
• Any premarital or postmarital agreements entered into by either party;
• Proof supporting a party’s claim that an asset or debt is non-marital in nature; and
• Any court orders directing either party to receive or pay child or spousal support.

The production of these documents is required to ensure that both parties and the court have a clear understanding of each person’s assets and debts, as well as the needs of the children. Furthermore, the exchange is required by law, which means that if one party refuses to disclose certain financial information, he or she faces sanctions from the court and could even be required to pay the other party’s attorney’s fees.

Call Our Office Today  

Full and honest financial disclosure in family law matters is required to reach a resolution, so if your ex-spouse is refusing to provide you with certain documentation or you have questions about what financial records you need to produce, please contact dedicated family law attorney Sandra Bonfiglio, P.A. at 954-945-7591 today for a free case evaluation.

Resource:

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