MANDATORY FINANCIAL DISCLOSURES IN JACKSONVILLE, FLORIDA DIVORCE & FAMILY LAW CASES

MANDATORY FINANCIAL DISCLOSURES IN JACKSONVILLE, FLORIDA DIVORCE & FAMILY LAW CASES

In most Florida divorce and family law cases, the parties are required to exchange mandatory financial disclosures (“mandatory disclosure(s)”). The purpose of mandatory disclosure is to ensure the parties and the court make informed decisions about the divorce, equitable distribution of property and debt, and support obligations.

FLORIDA FAMILY LAW FINANCIAL AFFIDAVIT

The most important disclosure document is the financial affidavit. The financial affidavit lists each party’s income, expenses, assets and liabilities. There are two approved financial affidavit forms: a form for individuals with less than $50,000 in income and a form for individuals making more than $50,000. For people with business interests, the financial affidavit may also include schedules detailing a business’ profit and loss.

DOCUMENTS TO EXCHANGE WITH SPOUSE

Florida has a list of documents that you must exchange with the other party. The most common and important mandatory disclosure documents are listed below.  For a full list of mandatory disclosures, please click on this link.

Examples of mandatory disclosures:

1)      Your last 3 years of tax returns;

2)      Your last 3 months of pay stubs;

3)      Your last three months of bank statements;

4)      Your last three months of credit card statements;

5)      Your most retirement account statements.

EXCEPTIONS TO THE MANDATORY DISCLOSURE REQUIREMENT

Most, but not all, Jacksonville, Florida family law and divorce cases require mandatory disclosures. In the divorce context, parties may waive all mandatory disclosure requirements if they file the case as a simplified divorce. For more information on simplified divorce, and to see if you qualify, please click on this simplified divorce link.   Some other examples of family law cases that do not require mandatory disclosures are injunctions against domestic violence and adoptions.

REDUCING YOUR MANDATORY DISCLOSURE BURDEN

Florida’s family law rules allow the parties to waive mandatory disclosures, except for financial affidavits and child support worksheets (if applicable). A word of caution, you should limit your mandatory disclosures only when you’re intimately familiar with the other party’s finances or their finances are not a concern.

HOW A DIVORCE ATTORNEY IN JACKSONVILLE, FLORIDA CAN HELP

Depending on the case, mandatory disclosures can be one of the more unpleasant parts of the divorce process. Some of my clients loath finding and organizing their financial documents.

In post-divorce modification proceedings, many clients are extremely uncomfortable providing mandatory disclosures years, sometimes more than a decade, after the original divorce. Most of us are uncomfortable exposing our finances to our friends and neighbors—imagine exposing your personal finances to person you divorced ten years ago.

Gathering, finding and organizing financial documents can be a daunting task. It’s particularly difficult in the emotionally charged environment of a divorce. My office provides checklists for our clients to follow to as you gather your mandatory disclosures. As a divorce law firm, we’re here to support our clients and be a resource to answer questions while they’re obtaining their mandatory disclosure documents. Once our clients have gather their disclosure documents, we will organize their mandatory documents and assist with drafting our clients’  financial affidavits.

If you have any questions about mandatory disclosures or divorce in Florida, do not hesitate to contact your divorce attorney in Jacksonville, Florida. The Taylor Law Office phone numbers is 904-339-5298 or contact the firm through this website. The Taylor Law Office is here to help!