What Kinds of Financial Disclosure Will I Need to Make in a Divorce?
When you are going through a divorce, it can often feel like you are laying bare every deeply personal aspect of your life. Most people going through a divorce expect that they will need to provide details about the quality – or lack thereof – of their relationship with their spouse, certain unflattering actions or behaviors they or their spouse might have exhibited in stressful times, or even have to go above and beyond to prove that they are a loving parent. Details about your finances are also part of this disclosure process, however, many divorcing individuals are caught off-guard by the level of financial disclosure they are required to make.
When you file for divorce in Florida, state rules of procedure require that you and your spouse exchange extensive information about your finances. Included in this information is three years’ worth of tax returns, three months’ proof of income, at least three months of bank statements, information on any retirement accounts you possess, statements of your credit cards—and more! Why is so much information necessary? Having this quantity and type of information allows the court and both parties involved in the divorce to develop a clearer picture of each other’s assets and debts. The court uses this information to determine whether and how much spousal and child support should be provided.
Of course, sharing so much of your personal financial information can seem incredibly intrusive and unpleasant, and often individuals do not want to provide certain or any of the required financial disclosures. It is absolutely essential, however, that you do so. If any party fails to comply, a judge can impose sanctions upon you, including requiring you to pay your spouse’s attorney fees. Courts can also generally look upon you with less favor as a consequence.
Having an experienced Florida divorce attorney by your side throughout this process can mean the difference between your facing sanctions and you are receiving a favorable outcome in your divorce proceeding. Our divorce attorneys not only ensure that you provide all necessary documentation to the court, but we also make sure it is done in an organized and timely fashion and in the manner the court prefers. We also have the experience to know how to use the information in these financial reports to your advantage. Your bank and credit card statements, for example, can reveal a pattern of your spouse abusing your finances, or can otherwise be used to build a successful claim for spousal or child support.
What if determining some of your financial statuses is difficult? Our attorneys have extensive experience helping clients who are unemployed or have earned income from a variety of non-traditional routes, such as cash-only services, determine what to disclose and how to disclose it. Ultimately, you need the help of an experienced Florida divorce attorney to help you navigate this tricky part of the divorce process.
At Blair H. Chan, III, PLLC, we have extensive experience in representing clients going through a divorce. We know you that disclosing your finances can be complicated, and we are here to help make sure this process, and your entire divorce, is as stress-free and straightforward as possible. Contact us today to learn more.