To help ensure that both spouses going through a divorce get a fair settlement, Florida law requires parties to produce certain financial documents. Many spouses understandably view the numerous requirements as cumbersome. However, these documents must be produced in order to obtain a dissolution of marriage (plus a few other legal events) in Florida. Your attorney and judge aren’t simply trying to make your life more difficult.
The requirements are codified in the Florida Family Law Rule of Procedure 12.285 and are often updated. The latest changes—in early 2021— primarily address cryptocurrency holdings and time periods for which certain documents must be produced. There are 17 types of financial disclosures for Florida family law proceedings:
- Financial affidavit. There are different affidavits for those making more than $50,000 per year and those making less. Spouses must produce documents supporting the information entered into the financial affidavit.
- Tax returns going back three years. This includes federal and state personal income tax returns, gift tax returns, foreign tax returns, attachments, and worksheets.
- W-2, 1099, and K-1 for the past year if your income tax return for that year has not been prepared.
- Pay stubs. Any evidence of earned income for the six months before compliance with disclosure requirements.
- Statement from you identifying the amount and source of income during the same time frame as the above requirement if they aren’t reflected on the pay stubs.
- Any financial disclosures used or prepared within the past 24 months. This includes loan applications, financial statements, credit reports, and financial aid forms.
- Deeds, promissory notes, and leases. Deeds that contain your name must go back three years, promissory notes two years, and leases that contain your name (including those for which you have received payments, are currently receiving payments, or you own or owned an interest) going back three years.
- Periodic financial statements going back 12 months. This includes checking accounts, savings accounts, certificates of deposit, and money market funds—even if the account has been closed. You also need to produce canceled checks and registers.
- Brokerage account statements going back 12 months. This includes active and inactive accounts, in addition to canceled checks and registers.
- Statements of employee benefits plans going back 12 months. This includes IRAs, 401(k)s, 403(b)s, SEPs, KEOGHs, and profit sharing, deferred compensation, retirement, or pension plans.
- Cryptocurrency documents going back 12 months. This includes current virtual currency holdings and statements for which you held an interest in the past year.
- Life insurance documents. You must produce the declarations page, most recent periodic statement, statements going back 12 months, and certificates for policies covering your life or your spouse’s life. Other required insurance documents include health and dental cards covering you, your spouse, or dependent children.
- Corporate, partnership, and trust tax returns going back three years. This only includes those you have interests in.
- Promissory notes, credit card and charge account statements, and other documents showing indebtedness. This includes for debts paid and unpaid, and they must go back 24 months.
- Family law court orders affecting you and your spouse. Premarital agreements, postmarital agreements, and any documents ending or denying paternity associated with dependent children born or conceived during your marriage are included here.
- Nonmarital/separate property. You must produce documents supporting your assertion that certain assets are separate and, therefore, do not belong to your spouse. This includes documents showing appreciation or enhancement of separate property. Documents should cover the period starting with the acquisition of the separate assets.
- Court orders directing either you or your spouse to pay alimony (spousal maintenance) or child support.
Overwhelmed? We’ve Got Your Back
It’s completely normal to feel overwhelmed about all the things you, frankly, cannot control during your divorce. We know how you feel and will do everything we can to put you at ease during this difficult time. Let’s talk soon.
Heather Bryan Law, P.A.
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