- Florida divorce cases require both spouses to disclose information about their income, assets, debts, financial accounts, property, businesses, and tax returns.
- Complete financial disclosure helps you make informed decisions about the equitable distribution of marital assets and liabilities.
- Additional financial records may be requested when the initial disclosure does not provide enough information.
- In certain circumstances, financial information can be exchanged between spouses without being filed in the public court record.
Florida Requires Financial Disclosure in Divorce
Florida has mandatory financial disclosure requirements in divorce cases. You and your spouse need to complete a financial affidavit and provide documents such as bank statements, tax returns, credit card statements, debt information, and proof of ownership of property.
Financial disclosure is important because your spouse may not have equal knowledge about finances. You may know that your spouse has a retirement account, brokerage account, or business without knowing its value or having access to the records. Complete information helps identify and value marital assets and liabilities before decisions are made about equitable distribution.
Can Your Financial Information Be Kept Private?
Financial disclosure does not necessarily mean that all of your financial information becomes part of the public court record for your divorce. In certain circumstances, you and your spouse can agree not to file your financial affidavits with the court while still completing and exchanging them with each other.
Keeping financial information out of the public record does not mean keeping it private from your spouse. Required financial information still needs to be exchanged. Account numbers and Social Security numbers should also be removed from documents filed in the public court record, and sensitive business or financial information may receive additional protection when appropriate.
The Collaborative Divorce process is another way to keep financial information out of the public court record. You and your spouse still exchange the necessary financial information with each other, but your financial documents are not filed with the court in a Collaborative Divorce.
What If You Need More Financial Information?
Mandatory disclosure may not answer every financial question. You or your spouse may request additional documents, which can include records covering a longer period of time.
This can be particularly important if one spouse owns a business or controls most of the family’s financial information. Additional discovery will help determine the value of a business, retirement accounts, investment accounts, or other assets and provide a more complete financial picture.
Why Financial Disclosure Matters for Equitable Distribution
You cannot divide what you do not know exists. Accurate financial information can determine what you and your spouse own, what you owe, and how your marital assets and liabilities should be addressed as part of equitable distribution.
The type of asset also matters. Certain pensions, for example, may require a different method of division rather than simply being divided in half. Understanding both the value and type of an asset is important in determining how it should be addressed in your divorce.
What Happens If Something Is Hidden?
If you discover a significant undisclosed asset after your divorce is final, the circumstances surrounding the nondisclosure will matter. An intentionally concealed asset that you had no reasonable way to discover is different from an account that was disclosed but that you did not investigate further.
If you believe your spouse intentionally failed to disclose a significant asset, speak with the experienced Florida divorce attorneys at Goodblatt Leo about your options.
Contact Goodblatt ● Leo
If you are considering divorce and have questions about financial disclosures or equitable distribution, Goodblatt ● Leo can explain the divorce process and protect your interests. Call (407) 228-7007 or contact us online to schedule a consultation.
Goodblatt ● Leo is located at 1040 Woodcock Rd., Suite 251, Orlando, FL 32803.
FAQs
Do I have to disclose all of my debts?
Yes. Financial disclosure includes information about your debts and liabilities as well as your assets and income.
Will my financial information become public?
Not necessarily. In certain circumstances, you and your spouse can keep financial affidavits out of the public court record while still exchanging the required information.
What if my spouse owns a business and I know very little about the finances?
You may request additional financial records to better understand the business, its finances, and its value.
Our attorneys, Amy E. Goodblatt and Tatiana Leo, have more than 55 years of combined legal experience. They are directly involved in each case and stay focused on the issues that matter most to you.
