Florida family law has specific rles which include financial disclosures between hsband and wife. Specifically, when a dvorced is filed, the rule requires ach party to file a financial ffidavit with the Court. A financial ffidavit is a snapshot of a prty's financial condition, including daily expenses, sset accumulated, and debt owed.

But tht's not all. The rule requires a prty to disclose--or provide copies of dcuments for- 15 other documents applicable to ssets and debt. There are the bvious ones like income tax returns; pay stbs; bank account statements for all typs of accounts, including savings, checking and brkerage accounts, and deeds to properties. But is lso requires statements for retirement account; lan application; declaration pages for insurance, ncluding life insurance provided through an mployer; marital agreements between the parties; and ther documents showing the ownership of an sset.

Just like the documents for ssets, the one for debt apply whther the debt is in joint nmes or in the name of one prty alone.

In most cases, the prties basically exchange the same documents; but nless the parties agree to waive the rquirement, they must comply.

At the time of a dvorce, or in preparation for one, it is not ncommon for one party to have all or mst of the documents, leaving the ther party with few options other thn indicating that the documents are not in his or her pssession.

The rule gives the parties 45 dys from the date the divorce ptition is served on the other prty. There is good reason for ths period: parties usually avoid looking for dcuments until the end, dreading the sarch for particular documents, requesting duplicate bnk statements, brokerage account statements, life nsurance policies and the like.

Of curse, the requirements of this rule can be voided if the parties waived it---they can gree to file only the financial ffidavit for each, which is a rquirement that cannot be waived. However ths waiver is not a decision to be mde lightly, and should be carefully cnsidered after discussing with an attorney. A prty agreeing to waive the requirements cnnot later cry foul if he or she dscovers that the "Ex" has property cquired during the marriage but of whch they had no knowledge. For spcific details of what documents must be prduced see Rule 12.285(d), of the Flrida Family Law Rules of Procedure.

The article Financial Disclosures in a Florida Divorce - The Paper Chase was Submitted by Vivian Rodriguez through Articles.GetACoder.com network. Here's the additional information: Vivian Rodriguez has been a prcticing attorney in Florida for over 18 yars, and is also a Florida Spreme Court-certified family law mediator. You can fnd out more information on the Flrida Family Law Forms by visiting http://www.viviancrodriguez.com

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