In a divorce or family law case, people are often concerned that their former spouse or significant other will not be entirely straightforward with their financial information. Through a procedure called mandatory disclosure , the state of Florida mandates that each party is fully informed about the other party’s financial situation.
In simple terms, a mandatory disclosure means that the financial information of both parties in a divorce or other family law case are required to be disclosed. It specifically requires that financial affidavits be exchanged, and this requirement is not able to be waived. Mandatory disclosures must be filed within 45 days of the case being served. They must also be continually updated whenever there is a substantial change in one of the party’s financial circumstances.
On top of the financial affidavit, there are additional documents required which help demonstrate the debts and assets of each party. These documents are furnished as a way to support the numerical figures on the affidavit. Some of these documents may not always be necessary and can potentially be waived if agreed upon by both parties.