Individuals who are preparing for divorce in Florida face a number of challenges. They either need to settle property division matters with one another or gather evidence to present in family court. Some couples have financial support issues or parenting issues to address, but financial concerns are essentially universal during divorce proceedings.
Florida expects spouses to equitably or fairly divide their marital debts and assets. One of the rules in place for the protection of those divorcing in Florida is the requirement to file a financial affidavit. This rule dovetails with the right of financial discovery, which ensures each spouse should have full access to the financial records of the other during divorce.
What role do financial affidavits play in a Florida divorce?
They help to ensure transparency and accuracy
People frequently assume that they already know the full extent of the marital estate, but that is not always the case. There are many scenarios in which one spouse could theoretically hide resources from the other. One spouse may have never told the other that they transfer part of their paycheck every week into a separate bank account, for example.
The requirement to file a financial affidavit during a contested Florida divorce prevents financial misconduct in some cases. Those who know the courts may have a permanent record of their financial disclosures are less likely to intentionally lie about their financial circumstances. The affidavits filed with the courts also serve as a central location for key records, as individuals often fail to adequately maintain those records on their own behalf following a divorce.
Florida has recently adjusted its rules concerning financial affidavits. Specifically, those pursuing uncontested divorces may now be eligible to bypass the affidavit requirements imposed during litigated or contested divorces. Particularly when spouses have gone through a protracted period of marital conflict or when there are complex assets in the marital estate, the risk of hidden assets, dissipation of marital resources and other financial misconduct may be higher than usual.
Understanding the purpose of financial affidavits may benefit those preparing for an upcoming Florida divorce. Those who know their rights and obtain proper financial disclosures may have an easier time securing a favorable divorce outcome than those who don’t make use of their right of discovery.