You are required to do a mandatory financial disclosure in a Pasco County, Florida divorce. Florida law requires mandatory disclosure in order to keep the parties and the court informed on all issues involving assets, debts, and income of both parties.
In a divorce, each party is required to complete a financial affidavit. The affidavit will set forth assets, liabilities, income and expenses. This is called mandatory disclosure. This document is very important to the divorce case and should not be taken lightly. Ideally, the affidavit should be completed with the advice of an experienced divorce attorney.
In addition to the financial affidavit, each party has to give the other financial information, such as pay stubs, tax returns, loan applications, bank account statements, brokerage statements, insurance statements, deeds, 401(k) and pension plan statements, and any other documents which are relevant.
This information has to be given within 45 days of service of the initial filing seeking relief (typically within 45 days after the initial petition for divorce was filed).
Mandatory disclosure affects alimony, property division, and child support. Those amounts are normally calculated by looking at each party’s income, assets, debts and expenses. The mandatory disclosure documents set forth the information upon which all of those amounts are based. Because they are sworn to under oath, the information provided must be truthful and not omit any relevant information.