What are Financial Disclosures in Family Law Cases?
Some family law cases require opposing parties to exchange certain financial information. The purpose of this is to ensure that all proceedings are fair and transparent. Issues such as paternity, divorce, parenting plans, child support, and custody agreements all require the exchange of financial disclosures. In a divorce case, these documents are important so the court has a full understanding of the assets and liabilities that must be divided. In child custody and support cases, these documents are important to ensure the child is financially supported by both parents, and that each parent contributes to the child’s needs.
If you have a family law issue, it is important to understand the financial documents you will need. Below, our Orlando family lawyer explains further.
What is Included in Financial Disclosures?
In most cases, you cannot avoid the financial affidavit in family law matters. The financial affidavit is a sworn statement outlining your income, living expenses and deductions, assets such as investments or real estate, and your liabilities and debts. Along with the financial affidavit, you may be required to provide the following:
- State and federal tax return from the last three years,
- Pay stubs from the previous three months,
- Loan applications prepared within the previous 24 months,
- The deeds to any real estate property currently owned, or that has been owned in the past three years,
- Bank statements from all accounts,
- Statements from brokerage accounts for the last year,
- Statements from retirement accounts for the last year,
- Statements from virtual currency accounts such as Bitcoin, for the last year,
- The declaration page from any life insurance policy,
- Any promissory note from the last year, such as for a vehicle or credit cards, and
- Any prenuptial or postnuptial agreements between the two parties.
How to Avoid Financial Disclosures
It is not uncommon for people to want to avoid the disclosure of financial information. The information is often very personal and sensitive and raising the issue in open court can be uncomfortable. Unfortunately, you cannot hide assets or lie in the financial affidavit. Doing so can result in high fines, jail time, and other harsh penalties.
However, you and the other party can agree to waive certain financial disclosures. While you cannot waive the requirement for the financial affidavit, you can waive other financial disclosures. If you are getting a simplified divorce and you and your spouse do not have minor children together, you may even be able to waive the financial affidavit.
Our Family Lawyer in Orlando Can Help You Prepare Your Documents
Even when getting a divorce that is fairly straightforward, there is a lot of paperwork involved. At Anderson & Ferrin, P.A., our Orlando family lawyer can advise on what documents you will need so you are fully prepared for the rest of the process and do not experience unnecessary delays. Call us today at 407-412-7041 or contact us online to schedule a consultation with one of our knowledgeable attorneys and to get the legal advice you need.
Source:
jud11.flcourts.org/judges_forms/9772459621-multackmandatorydisclosureworksheet.pdf
