Many spouses choose to keep their assets separate during marriage. In some cases, spouses may not even choose to tell their spouse details about their assets, liabilities and income, preferring instead to keep those matters private for various reasons.
However, in a divorce in Florida, there must be a full financial disclosure (also known as the mandatory disclosure) by each spouse to the other spouse. This includes disclosure of income, assets, liabilities and expenses. Under Florida law, each spouse must provide the other spouse with copies of certain documents within 45 days of the filing of the lawsuit.
These documents include tax returns, deeds, bank statements, credit card statements, and other financial documents. You will also have to file a financial affidavit with the court. In addition, a child support guidelines worksheet has to be submitted to the court if minor children are involved.
The financial affidavit requires you to completely and fairly disclose all of your income, assets, debts and expenses. This document must be very carefully completed. If you fail to complete it correctly, or if you lie about your assets, income or debts, not only will your credibility be questioned by the court, but any agreement you come to with your spouse about property division, alimony and other issues could be voided.
It’s important that if you are going through a divorce in Florida, you fight for the assets to which you are entitled.