What is Mandatory Disclosure and When is it Necessary?
Mandatory disclosure requires each party in the dissolution of a marriage to disclose records that paint an accurate portrait of each party’s finances. This requirement ensures the judge divides assets between the two parties fairly and equitably. If one party requests support from the other, the judge will also need a clear picture of the parties’ finances so he or she may calculate a fair award. At WiseLieberman, PLLC, our Boca Raton divorce lawyers ask clients to provide us with the required financial documents so are able to better help them throughout the property division proceedings. Armed with the appropriate information, our lawyers have better insight into a couple’s financial situation and take the necessary steps toward a favorable outcome.
When Financial Disclosure is Necessary in a Florida Divorce
Per Rule 12.285 of the Florida Family Code, any party involved in a proceeding for an initial or supplemental request for permanent financial relief must provide verification of income and assets. “Financial relief” in terms of divorce law, refers to request for alimony, child support, equitable distribution of assets or debts, suit money, attorney fees, or other legal costs. Most of these requests apply in divorce cases whether parties realize it or not. Some documents that divorcing parties are required to present in divorce court include but are not limited to the following:
- A financial affidavit;
- All federal and state income tax returns, intangible personal property tax returns, and gift tax returns;
- IRS forms W-2, 1099, and K-1 for the past year;
- Paystubs or other evidence of earned income from up to three months prior to the proceedings;
- A statement by the producing party confirming the amount and source of all income received;
- Any loan applications and financial statements used or prepared within 12 months of the proceeding;
- Any deeds within the last three years or promissory notes from within the last 12 months;
- All periodic statements from checking accounts from the last three months, and from the last 12 months from all other accounts; and
- All brokerage account statements from within the past 12 months; and
- The most recent statement from retirement, deferred compensation, or pension plans.
The courts also require parties to present proof of life insurance policies, if applicable; corporate, partnership, and trust tax returns; credit card statements and present lease agreements; and any premarital or marital agreements entered into at any time between the parties, whether before or after marriage.
A Boca Raton Divorce Lawyer Can Help You Obtain the Best Possible Outcome
A judge’s job is to remain impartial throughout the entirety of a divorce hearing. An attorney’s job is to ensure that his or her client obtains the best possible outcome based on the available evidence. If you want to ensure you leave your marital relationship with the proper assets, and support, retain the help of a Boca Raton divorce lawyer who will present your case in the best possible light. Contact WiseLieberman, PLLC, to speak with a member of our legal team today.