Changes in Florida Mandatory Disclosure Requirements
One thing we know for sure is that change is constant and that also applies to family law. On January 1, 2021, the Florida Family Law Rules of Procedure were amended, and among the many changes, the mandatory disclosure rule (12.285) was changed the most significantly. As always, the Florida Family Law Rules of Procedure 12.285 requires that parties disclose specific financial information in the dissolution of marriage actions and, other family law proceedings, but now the time period for which various documents must be produced has increased and the amendment provides for better specifications and expands the types of documents litigants are required to produce.
For example, in addition to loan applications and financial statements, litigants must produce their credit reports. This is extremely useful in determining all credit accounts the opposing side may have. Further, litigants are now required to produce 12 months of checking account statements and savings account statements and must produce statements (both banking and brokerage) shared with minor or adult dependent children. The number of statements for all retirement accounts and statements for life insurance policies has also increased to 12 months prior to compliance instead of the most recent statement only. Now, corporate, partnership, and trust tax returns for the last 3 years are required for any entity a party has any ownership interest in and is not limited to those entities in which a party has greater than or equal to 30% ownership interest. Notably, the Florida legislature has evolved with the times, and litigants are now required to produce statements for the last 12 months for any virtual currency transactions and must include a list of all current holdings of virtual currency.
Mandatory disclosure is a very crucial part of most family law cases and it is important to be aware and understand the changes that have and will continue to evolve. The attorneys at The Campbell Law Group PA strive as always to update our community and clients on the various family law changes.