05 Feb Mandatory Disclosure: What are Mandatory Financial Disclosures in Florida Family Law Cases?

What are the Mandatory Disclosures?

In most Florida family law cases, the parties must exchange information about their financial background. This is particularly true in Florida Divorces where Children are involved. Under some circumstances, however, such as in Simplified Dissolution Procedures (Florida’s version of the “quickie divorce”), adoption, enforcement matters, matters of contempt, injunctions for protection against domestic, repeat, dating, or sexual violence, or stalking, and uncontested dissolutions when the respondent is served by publication.

What Financial Information Must be Disclosed?

(1) A financial affidavit in substantial conformity with Florida
Family Law Rules of Procedure Form 12.902(b) if the party’s gross annual income
is less than $50,000, or Florida Family Law Rules of Procedure Form 12.902(c) if
the party’s gross annual income is equal to or more than $50,000, which
requirement cannot be waived by the parties. The financial affidavits must also be
filed with the court. A party may request, by using the Standard Family Law
Interrogatories, or the court on its own motion may order, a party whose gross
annual income is less than $50,000 to complete Florida Family Law Rules of
Procedure Form 12.902(c).

(2) All federal and state income tax returns, gift tax returns, and
intangible personal property tax returns filed by the party or on the party’s behalf
for the past 3 years.

(3) IRS forms W-2, 1099, and K-1 for the past year, if the income
tax return for that year has not been prepared.

(4) Pay stubs or other evidence of earned income for the 3 months
prior to service of the financial affidavit.

(5) A statement by the producing party identifying the amount and
source of all income received from any source during the 3 months preceding the
service of the financial affidavit required by this rule if not reflected on the pay
stubs produced.

(6) All loan applications and financial statements prepared or used
within the 12 months preceding service of that party’s financial affidavit required
by this rule, whether for the purpose of obtaining or attempting to obtain credit or
for any other purpose.

(7) All deeds within the last 3 years, all promissory notes within
the last 12 months, and all present leases, in which the party owns or owned an
interest, whether held in the party’s name individually, in the party’s name jointly
with any other person or entity, in the party’s name as trustee or guardian for any
other person, or in someone else’s name on the party’s behalf.

(8) All periodic statements from the last 3 months for all checking
accounts, and from the last 12 months for all other accounts (for example, savings
accounts, money market funds, certificates of deposit, etc.), regardless of whether
or not the account has been closed, including those held in the party’s name
individually, in the party’s name jointly with any other person or entity, in the
party’s name as trustee or guardian for any other person, or in someone else’s
name on the party’s behalf.

(9) All brokerage account statements in which either party to this
action held within the last 12 months or holds an interest including those held in
the party’s name individually, in the party’s name jointly with any person or entity,
in the party’s name as trustee or guardian for any other person, or in someone
else’s name on the party’s behalf.

(10) The most recent statement for any profit sharing, retirement,
deferred compensation, or pension plan (for example, IRA, 401(k), 403(b), SEP,
KEOGH, or other similar account) in which the party is a participant or alternate
payee and the summary plan description for any retirement, profit sharing, or
pension plan in which the party is a participant or an alternate payee. (The
summary plan description must be furnished to the party on request by the plan
administrator as required by 29 U.S.C. § 1024(b)(4).)

(11) The declarations page, the last periodic statement, and the
certificate for all life insurance policies insuring the party’s life or the life of the
party’s spouse, whether group insurance or otherwise, and all current health and
dental insurance cards covering either of the parties and/or their dependent
children.

(12) Corporate, partnership, and trust tax returns for the last 3 tax
years if the party has an ownership or interest in a corporation, partnership, or trust
greater than or equal to 30%.

(13) All promissory notes for the last 12 months, all credit card and
charge account statements and other records showing the party’s indebtedness as of
the date of the filing of this action and for the last 3 months, and all present lease
agreements, whether owed in the party’s name individually, in the party’s name
jointly with any other person or entity, in the party’s name as trustee or guardian
for any other person, or in someone else’s name on the party’s behalf.

(14) All written premarital or marital agreements entered into at any
time between the parties to this marriage, whether before or during the marriage.
Additionally, in any modification proceeding, each party shall serve on the
opposing party all written agreements entered into between them at any time since
the order to be modified was entered.

(15) All documents and tangible evidence supporting the producing
party’s claim that an asset or liability is nonmarital, for enhancement or
appreciation of nonmarital property, or for an unequal distribution of marital
property. The documents and tangible evidence produced shall be for the time
period from the date of acquisition of the asset or debt to the date of production or
from the date of the marriage, if based on premarital acquisition.

(16) Any court orders directing a party to pay or receive spousal or
child support.

Source: Family Law Rules of Procedure 12.285

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