Legally Speaking
Dissolution and Financial Disclosure By Evan Baron
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lients who are going through a D issolution
of Marriage are often surprised to learn how much personal financial information they must reveal. The laws of this state require complete financial disclosure. Most people get overwhelmed with this requirement, since it can be very time consuming. Since Florida is a “No Fault” state, the primary area of dispute between a husband and wife is usually financial. The following is a list of the financial information required pursuant to Florida law. All parties MUST complete a Financial Affidavit. This Affidavit list a party’s income, expenses, assets and liabilities. It is a sworn document, signed under oath by the client, swearing to its truthfulness. A financial affidavit must be filed in all dissolution proceedings, even in the most simplified uncontested matter.
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954.985.9495
1749 N. University Dr., Pembroke Pines, FL 33024 (Located in Walnut Creek Shopping Center)
Continuing to Serve the Weston, Davie and Pines areas with over 25 years of Experience. President of Weston Bar Association
Family law
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1655 North Commerce Pkwy., Ste. 201, Weston, FL 33326 email: Law@DivorceBroward.com
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March 2014 | davie town times
In addition to the financial affidavit, certain documentation must also be exchanged between the parties within approximately six weeks from the date of filing. If it is a simplified divorce this requirement can be waived by both parties. The Financial Affidavits must be produced however. The documents that are required include: ▸▸ Income tax returns ▸▸ Pay stubs for the past three months ▸▸ Statement of income ▸▸ Loan applications and financial statements prepared during the preceding 12 months ▸▸ Deeds, leases and promissory notes executed during the past 12 months ▸▸ Checking account statements for the past three months ▸▸ Bank statements (other than checking) for the past 12 months ▸▸ Brokerage account statements for the last 12 months ▸▸ The most recent statements showing value of retirement accounts, profit sharing or deferred compensation accounts ▸▸ Life insurance documentation ▸▸ Credit card statements for the past three months The above list is just a partial list of what might be required. Requests often require documents dating back three years. It is not unusual that clients often become quite anxious when assigned the task of gathering this information. Here are a few words of advice: ▸▸ Do not wait for the last minute to gather these items. Time deadlines are extremely important and any delays could result in sanctions. ▸▸ Don’t try and do everything at once. Give yourself enough time to “pace yourself”. ▸▸ Be as accurate as possible in filling out all Financial Affidavits. Please remember that it is a sworn document and your answers (if incorrect) can be used against you. ▸▸ Do not ignore items or questions you feel are not relevant. If you have an attorney, don’t be afraid to ask questions and seek his/her advise. It can make this task a lot less stressful for all concerned. The law firm of Evan H. Baron and Associates is located at 1655 North Commerce Parkway, Suite 201, in Weston. For information or a free consultation, call 954-385-9160.