Agreement to Waive Financial Disclosure in Florida: What You Need to Know

In the state of Florida, couples who are considering divorce must adhere to certain legal requirements. One of these requirements is financial disclosure, where both parties must provide a complete and accurate account of their financial situation. However, it is possible to waive this requirement through an agreement to waive financial disclosure.

What is an Agreement to Waive Financial Disclosure?

An agreement to waive financial disclosure is a legal document that allows couples to bypass the financial disclosure requirement during a divorce. This agreement is typically signed by both parties and their attorneys, and it must be filed with the court as part of the divorce proceedings.

Why Would Someone Want to Waive Financial Disclosure?

There are many reasons why someone may want to waive financial disclosure. For example, if both parties have a complete understanding of their financial situation and are in agreement about how to divide their assets and debts, they may feel that it is unnecessary to go through the process of financial disclosure. Additionally, some couples may want to keep their financial information private or may not want to spend the time and resources required to complete financial disclosure.

What Are the Risks of Waiving Financial Disclosure?

While an agreement to waive financial disclosure can save time and money during a divorce, there are also potential risks to consider. If one party is not forthcoming about their financial situation, the other party may not be aware of all assets or debts that need to be divided. This can lead to an unfair division of assets and debts and may result in one party receiving less than they are entitled to.

Additionally, if one party later discovers that the other party was not truthful about their financial situation, they may be able to reopen the divorce case and seek a revision to the division of assets and debts. This can be a time-consuming and costly process.

How to Create an Agreement to Waive Financial Disclosure

If you and your spouse are considering waiving financial disclosure, it is important to work with an experienced divorce attorney. Your attorney can help you draft an agreement that protects your interests and ensures that both parties understand the risks and benefits of waiving financial disclosure.

In conclusion, an agreement to waive financial disclosure can be a useful tool for couples who are in agreement about how to divide their assets and debts during a divorce. However, it is important to understand the risks associated with this decision and to work with an experienced attorney to ensure that your interests are protected.