Some people do not want to disclose their financial information because it becomes a matter of public record and can be viewed by third parties. Others don’t want to do all the legwork to collect the information. And some just don’t want their spouse to benefit from the information.
Financial disclosure is generally required for a divorce in Florida, but a few exceptions may apply.
Divorce Financial Disclosure Requirements in Florida
When getting a divorce in Florida, you and your spouse must disclose certain financial information. The parties must exchange and file financial affidavits that include information about their finances, debts, assets, sources of income, and expenses. Both parties must make comprehensive and accurate financial disclosures.
The purpose of the information exchange is to provide the parties, their attorneys, and the court with a full account of each party’s financial situation. This typically includes sharing documents and information related to:
- Income records and pay stubs,
- Real estate values and mortgage statements,
- Retirement assets,
- Bank accounts,
- Tax returns, and
- Credit card bills.
Understanding the finances helps the court determine the proper distribution of assets and debts and to calculate the appropriate child support and alimony payments.
Financial affidavits and disclosure are almost always mandatory in Florida divorce cases. The Family Law Rules of Procedure do include a few specific circumstances where the filing of financial affidavits may not be required.
Exceptions to the Mandatory Disclosure Requirement
In some cases, financial affidavits might not be required if the couple sought an uncontested dissolution of marriage and they have no minor children or support issues. Rule 12.285 of Florida’s Family Law Rules of Procedure was also recently amended to provide more circumstances under which the parties can forgo filing financial affidavits.
The amended rule states that the parties can mutually agree to NOT file a financial affidavit by filing a joint verified waiver. In the notice of the joint verified waiver, the parties must both acknowledge:
- That evidence of their financial situations may be needed in future court proceedings,
- That the parties have shared true and accurate financial affidavits with each other,
- That it is the responsibility of the parties to keep copies of the affidavits,
- That the waiver only applies to the current filing and won’t automatically apply to future filings, and
- That either party can revoke the waiver at any time.
Under this new rule, the parties must still provide financial information to each other, but they don’t have to file it with the court. This can eliminate some fears about financial information being public record.
Long or Short Form Disclosures
There are two financial affidavit forms:
- Long form—to be completed if your individual gross income is $50,000 or more per year; and
- Short form—to be completed if your individual gross income is $50,000 or less per year.
Even if you waive the filing of the financial disclosures with the court, you are required to serve a copy of the affidavit on the other spouse.
You don’t need the affidavits if:
- You are filing a simplified divorce under Rule 12.205 and the parties have waived the filing of financial affidavits;
- You don’t have any minor children, child support issues, and you filed a written agreement that eliminates all financial issues; or
- The court has no jurisdiction to determine financial issues.
If you are not sure what forms you need to use or what information must be provided, speak with an experienced family law attorney.
Can a Spouse Refuse to Disclose Financial Information?
Divorce financial disclosures are highly relevant to the court’s determination of a fair division of property, as well as any child support or alimony payments. Outside of the above exception to disclosures, a spouse cannot refuse to disclose financial information.
Unfortunately, some spouses try to hide accounts, records, and other financial information. They may do this to alter the amount of payments they’ll be required to make or avoid having to share in an asset. They may also be ashamed of their debts or expenses or don’t want you to have an honest understanding of their circumstances. Contact an experienced divorce attorney immediately if your spouse refuses to turn over relevant financial documentation or is potentially hiding assets.
An attorney can seek to get a court order compelling the disclosure of the financial information or request a punishment for hiding or failing to disclose assets. Failing to disclose or attempting to conceal assets can be fraudulent behavior punishable by law. Various penalties may be imposed for such behavior in a Florida divorce. The court can find the concealing spouse in contempt of court, force that spouse to pay additional attorney fees to the other spouse, require the documents to be disclosed in a specific period of time or impose further sanctions, or even impose jail time, although the latter is unusual in practice.
This misconduct can also negatively impact the spouse in relation to other decisions like child support, custody, or visitation. This is why the party who hid the assets can be held responsible for paying attorney’s fees, costs, and expenses the other party incurred to investigate the hidden assets.
Hiding assets may also be a waste of time for the party trying to get away with it. Most information is still discoverable through forensic accounting or other investigative processes.
Hire Beller Law PL to Help Determine If You Can Waive Financial Affidavits and Disclosure in Your Divorce
If you want your divorce to have some layer of confidentiality and protect your finances from being a matter of public record, you may want to waive the financial disclosure requirements. Consult with Beller Law PL to understand if your case meets the requirements to waive financial disclosure for divorce. Attorney Rebeccah Beller has been practicing family law for nearly 30 years. She is an experienced litigator who has helped hundreds of clients navigate complicated divorce issues. As a small law office, Beller Law PL provides each client with dedicated, one-on-one attention. Rebeccah is quick to respond to questions and takes time to explain the legal details and strategies to her clients. Schedule a consultation with Rebeccah today about your divorce and other family law needs.