When couples go through a divorce, they are generally aware of the significant financial transactions that may split to both parties in the divorce. Depending on how long spouses spend time together, it is likely that their financial ties would be disclosed during the divorce procedure.
When it comes to the division of assets, debts, and property in a divorce, gathering comprehensive information would be required by both parties. Courts in multiple states in the country, request spouses make mandatory disclosures to the other spouse as part of any divorce proceeding to ensure the property is divided equitably. To inquire about the mandatory disclosure in the state of Florida, a competent and experienced Orlando FL divorce lawyer would be a great support.
So what exactly is the reason for a Mandatory Disclosure?
Before the existence of Mandatory disclosures, spouses facing divorce would have to serve each other with discovery requests to obtain relevant documents and information for the case. Certain information regarding assets, debts, income, and expenses apply to any divorce process. This request wasted time and resources for both parties. For this reason, and a few others, many jurisdictions currently have rules which require spouses to disclose documents and relevant information in each divorce case taken.
A few of the many types of information that would be required for the mandatory disclosure include:
• Business documents – This includes accounts receivable, accounts payable, balance sheets, profit and loss statements.
• Life insurance proof.
• Court orders for alimony or child support from previous relationships.
• Premarital agreements.
• Loan applications and financial statements for the past three years during the marriage.
• Documentation of social security payments, disability payments, retirement benefits over the past year.
Although the process of the mandatory disclosure may seem like a lot of work, an informed decision could be made according to the settlement possibilities. An adequate and competent lawyer would be able to help the party involved streamline the process and allow the client to focus on the essential items.
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