During a marriage, a couple can amass a wide variety of assets and accounts. Additionally, they can take on a significant number of debts such as mortgages, loans, or credit accounts. Before a divorce can be finalized, a court must decide how these assets and debts are going to be divided between the spouses in accordance with Florida property division law. In order to do so, a court must be aware of all of the applicable financial accounts and properties that may exist. Therefore, spouses are required by law to submit Mandatory Disclosures regarding their finances within 45 days of the filing of the initial divorce pleading.
The following are financial documents that must be exchanged in mandatory disclosures:
- Financial affidavits — A spouse can use a shorter form if their income is under $50,000 per year, though must use the long form if it is more than $50,000. Exchanging affidavits is mandatory in every case and cannot be waived.
- All federal, state, personal property, and gift tax returns filed in the last three years. If a tax return has not been filed, 1099, K-1, and w-2 forms are required for that year.
- Pay statements or other proof of income for the past three months before the filing, including statements of the source of the income.
- All loan and credit applications prepared in the last 12 months.
- All current leases, deeds (for three years), or promissory notes (for 12 months), whether they are individual or jointly owned.
- Statements for brokerage accounts currently owned or owned in the last 12 months, either individual or joint.
- Statements for retirement accounts, pension plans, profit sharing plans, or deferred compensation plans.
- Statements and certificates for all life insurance policies.
- Cards for any medical or dental insurance plans covering the spouse or their children.
- Tax returns for any corporations, trusts, or partnerships for the prior three years if the spouse is at least 30 percent owner of the entity.
- Statements for all credit card account or other debts for the last three months.
- Any premarital agreements signed or agreements entered into by the spouses during their marriage, including any modifications.
- Any court orders requiring a spouse to receive or pay child support or spousal support.
In addition to this long list of financial documents, if you are claiming that certain property is non-marital and should not be divided, you must provide evidence and documents in support of your claims. This can include proof of how and when the asset was acquired or why it should be considered individual property.
A Qualified Boca Raton Divorce Attorney Can Help You
Meeting the requirements of mandatory disclosures in Florida can be a daunting task in a short amount of time and it is easy to forget something. It is important to have an experienced divorce lawyer guiding you through the process to ensure you receive the best results possible. If you are facing a divorce, your first call should be to family law attorney Alan R. Burton at 954-229-1660 for a free consultation.
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