Tag Archive for: mandatory disclosure

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Simplifying Divorce for High Net Worth Individuals: Working With Your CPA or Financial Advisor

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The Challenge of Divorce for High Net Worth Individuals

Navigating a divorce is never easy, and for high net worth individuals, the process can feel even more overwhelming. Between managing the complexities of Florida Family Law Rule of Procedure 12.285—commonly known as mandatory disclosure—and safeguarding your financial future, it’s natural to want to simplify the experience and delegate much of the work. That’s where a skilled family law attorney can be invaluable. By working closely with your CPA or financial advisor, we can streamline the disclosure process and minimize the demands on your time and energy.

Understanding Mandatory Disclosure

Mandatory disclosure requires each party in a divorce to provide detailed financial documentation. For high net worth individuals, this often includes extensive information about investments, business interests, real estate holdings, and more. The sheer volume of documentation can be daunting, but it doesn’t have to be. If you already have a trusted CPA or financial advisor, they are likely familiar with much of your financial landscape. Our team can work directly with them to gather and organize the required information, so you don’t have to get bogged down in the details.

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Need Help With A Simplified Dissolution of Marriage?

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Are you and your spouse in agreement on how to divide your assets and debts?  Do you not have any minor or dependent children in common?  Are you both willing to attend a final hearing for dissolution of marriage together?  Then you and your spouse may qualify for a Simplified Dissolution of Marriage.

Simplified Dissolution Of MarriageAdvantages of a Simplified Dissolution of Marriage

Florida has created a special type of divorce procedure with the hope of simplifying the process.  In most actions for dissolution of marriage, court rules require you to exchange what is known as “mandatory disclosure.”  These are financial and other documents with sensitive and private information.  So, in most divorces, you would exchange several years’ worth of tax returns, along with checking and savings account statements, credit card statements, and summary plan descriptions for retirement accounts.

In Simplified Dissolution of Marriage proceedings, you are not expected to exchange these documents unless specifically requested to by one of the spouses.

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Florida Family Law: Mandatory Disclosure

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When you file and serve a petition in a Florida family law case that involves financial issues such as child support, alimony, or the division of property in debts, a clock starts ticking.  Within 45 days of the initial pleadings being served on the respondent, each party is required to provide the other party with a whole host of financial documents and information.

This is what is known as Mandatory Disclosure, and it is governed by Rule 12.285, Florida Family Law Rules of Procedure.

The following are a list of documents that are required to be exchanged:

(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. Read more →

Mandatory Disclosure in Florida Family Law Cases

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The Florida Supreme Court provides the following commentary on Mandatory Disclosure in Florida family law cases:

Rule 12.285, Florida Family Law Rules of Procedure, requires each party in a dissolution of marriage to exchange certain information and documents, and file a Family Law Financial Affidavit, Florida Family Law Rules of Procedure Form 12.902(b) or (c). Failure to make this required disclosure within the time required by the Florida Family Law Rules of Procedure may allow the court to dismiss the case or to refuse to consider the pleadings of the party failing to comply. This requirement also must be met in other family law cases, except adoptions, simplified dissolutions of marriage, enforcement proceedings, contempt proceedings, and proceedings for injunctions for domestic or repeat violence. The Certificate of Compliance with Mandatory Disclosure, Florida Family Law Rules of Procedure Form 12.932, lists the documents that must be given to the other party. For more information see rule 12.285, Florida Family Law Rules of Procedure, and the instructions to the Certificate of Compliance with Mandatory Disclosure, Florida Family Law Rules of Procedure Form 12.932.

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Tampa Court Publishes Requirements for Divorce

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In an effort to make the process for divorce clearer to litigants in Hillsborough County, the Thirteenth Judicial Circuit has published the following Requirements for Dissolution of Marriage:

1.  PROOF OF RESIDENCY. 6 months prior to filing Petition. May be proved by drivers license, voter I.D., Affidavit of Corroborating Witness; or testimony of witness. Section 61.052(2), Fla. Stat.

2.  U.C.C.J.E.A. If any minor child or children born as a result of the marriage. Section 61.501 -61.542, Fla. Stat. (2002)

3.  FINANCIAL AFFIDAVITS for each spouse, Rule 12.285(d)(1), Family Law Rules. (This requirement may not be waived if there are financial issues.) Under $50K/Yr. – Over $50K/Yr.

4.  COMPLETED CHILD SUPPORT GUIDELINES WORKSHEET, if there are minor children. Family Law Rules Form 12.902(e).

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Video: Confidential Information In Your Court File

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The Florida Association of Court Clerks provides the following video regarding confidential information in court files:

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Word Cloud: Mandatory Disclosure

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In my continued quest to literally visualize statutes and rules related to Florida family law, I created the following word cloud of Florida Family Law Rule of Procedure 12.285 (Mandatory Disclosure) using Wordle:

Mandatory Disclosure Word CloudThough this word cloud makes Mandatory Disclosure seem like it belongs in discussion held at a TexMex-themed cocktail party, the fact is that the exchange of certain financial information is crucial to move along most family law matters (including divorce, paternity, child support, alimony, support unconnected with divorce, and modification of financial issues).  To that point, a court will not grant a final judgment in most cases unless financial affidavits have been exchanged and each party has filed and exchanged a certificate of compliance with mandatory disclosure.

What do you think of the mandatory disclosure word cloud?  Feel free to leave a comment below.

Otherwise, if you would like to schedule a consultation with a Florida Family Law Lawyer, call The Law Firm of Adam B. Cordover, P.A. at (813) 443-0615 or fill out our contact form at http://www.familydiplomacy.com/contact-us.