The Role Of Financial Disclosure Forms In Your Florida Divorce
In Florida, couples who are seeking a divorce must submit certain financial information to the court before their dissolution proceedings can move forward. Both spouses must, for instance, complete a Family Law Financial Affidavit, which helps make the divorce process as transparent as possible not only to the court, but to the parties involved. By filling out and submitting these forms, the court ensures that both spouses are aware of all property and debts that exist and that may be subject to division.
When am I Required to Complete a Financial Affidavit?
Under Florida law, all spouses who have a gross annual income of $50,000 or more must file the long form Family Law Financial Affidavit. If, however, neither spouse earns this amount, then they can complete and submit the short form version of the affidavit. Couples are also not required to fill out a financial affidavit when:
- They are filing for a simplified dissolution of marriage, which requires the waiving of the filing requirement;
- They have no children together, no dispute regarding support, and have entered into a written settlement agreement resolving all financial issues; or
- The court doesn’t have jurisdiction to determine financial issues in a divorce case.
Except in these specific circumstances, couples must complete a financial affidavit to obtain a divorce. Financial affidavits must be filed within 45 days of being served with a divorce petition. Those who are filing for divorce, however, can submit their affidavit along with their divorce papers.
What Does the Financial Affidavit Cover?
Family law financial affidavits require couples to disclose all of their:
- Income;
- Assets;
- Expenses; and
- Liabilities.
Couples must strictly adhere to the truth when filling out these affidavits. Those who fail to do so and who actively try to conceal assets face serious penalties, including a loss of those assets, fines, and even contempt of court proceedings. Once completed, these forms must be signed in the presence of a notary public or deputy clerk, after which, they can be filed in the clerk of court’s office.
Other Financial Disclosures
In addition to submitting the required financial affidavit, divorcing couples must also exchange other important financial documentation, including:
- Personal and business tax returns;
- Proof of income, such as three months of paycheck stubs;
- Loan applications and financial statements prepared in the last year;
- Real estate documents, such as deeds and leases;
- Bank account statements from the last three months;
- Recent statements for retirement and pension plans;
- Life insurance policies;
- Proof of health and dental insurance;
- Debt statements from the prior three months, including loan and credit card statements; and
- Copies of any pre or postnuptial agreements entered into by the parties.
For help gathering the financial documentation you might need during your divorce, reach out to our office today.
Get the Legal Help You Need
If you have decided to file for divorce, you’ll need to make sure that you comply with all of Florida’s divorce-related rules, which includes filing an accurate financial affidavit. Call experienced Florida property division lawyer Sandra Bonfiglio, P.A. for help navigating the ins and outs of the divorce process in Florida. You can reach us at 954-945-7591 or via online message.
Sources:
flcourts.gov/content/download/403038/file/902c.pdf
flcourts.gov/content/download/403036/file/902b.pdf
