One of the most critical—and often contentious—parts of a Florida divorce is the process of financial discovery. When two people separate, they must divide their assets and debts equitably under Florida law. But that can only happen if both parties are completely transparent about their finances. If you or your spouse owns a business, has complex investments, or has been less than forthcoming about money, the discovery process becomes even more essential.
As a Tampa divorce attorney, I regularly work with clients who are concerned about uncovering hidden assets, understanding their marital estate, or making sure the financial playing field is level before any settlement is reached. This guide will walk you through what financial discovery is, how it works in Florida, and how to protect yourself during the process.
What Is Financial Discovery?
Financial discovery is the legal process through which both spouses exchange financial information during a divorce case. This includes full disclosure of:
- Income
- Assets
- Debts
- Liabilities
- Expenses
- Tax returns
- Bank accounts
- Business records
The purpose is to ensure that all relevant financial information is on the table so that the court—or the parties, through negotiation—can make informed decisions about equitable distribution, alimony, and child support.
The process is governed by Florida Family Law Rules of Procedure, specifically Rule 12.285, which outlines mandatory disclosures in divorce cases. A seasoned Tampa divorce attorney ensures that all required documents are produced and reviewed thoroughly.
Why Financial Discovery Matters
Without accurate and complete financial information, any divorce settlement or trial outcome could be fundamentally flawed. Discovery ensures:
- Fair division of assets: Both spouses know what exists before negotiating who gets what.
- Proper alimony calculations: Income and financial needs are evaluated properly.
- Accurate child support determinations: Florida’s child support guidelines rely on true income figures.
- Protection against fraud or hidden assets: Discovery reveals attempts to transfer or conceal wealth.
If a party refuses to cooperate or lies during discovery, the court can impose sanctions—including attorney’s fees, fines, or even awarding more favorable terms to the compliant spouse. A Tampa divorce attorney will know how to enforce compliance if your spouse refuses to play fair.
Mandatory Disclosure Under Florida Law
In every Florida divorce, each spouse must provide a mandatory disclosure unless both sides agree to waive it (not recommended in contested or complex cases). This includes:
- Financial Affidavit (short or long form, depending on income)
- Tax returns for the past 3 years
- Pay stubs or income documentation for the past 3 months
- Loan applications
- Bank statements for the past 12 months
- Credit card statements
- Retirement account statements
- Insurance policies
- Deeds and mortgage documents
- Vehicle titles
- Any other relevant financial records
The deadline to comply is 45 days after service of the divorce petition. If you or your spouse fails to provide these documents, your Tampa divorce attorney can file a motion to compel compliance.
The Financial Affidavit: Your Most Important Document
The Financial Affidavit is a sworn statement detailing your:
- Income (salary, bonuses, self-employment income, rental income, etc.)
- Monthly expenses (housing, food, child care, health insurance, etc.)
- Assets (bank accounts, investments, personal property)
- Liabilities (credit cards, loans, mortgages)
This document must be filed under oath, and any misrepresentation can be punished by the court. It serves as the basis for nearly every financial decision in your divorce.
A Tampa divorce attorney can help you complete the affidavit accurately, update it if circumstances change, and challenge your spouse’s affidavit if it seems incomplete or deceptive.
Additional Discovery Tools in Complex Cases
Mandatory disclosure is just the beginning. If your case involves high assets, business interests, or suspected financial misconduct, your attorney can use additional discovery tools, including:
1. Interrogatories
These are written questions submitted to your spouse, who must respond in writing under oath. Interrogatories may ask for:
- Income details
- Property ownership
- Business dealings
- Loan arrangements
- Transfers of money
2. Requests for Production
This is a request to produce specific documents, such as:
- Business tax returns
- Operating agreements
- Emails about financial transactions
- Real estate appraisals
- Investment account records
A Tampa divorce attorney can tailor these requests to uncover key information and prevent your spouse from withholding data.
3. Depositions
A deposition is sworn testimony taken outside of court, typically with a court reporter. Your spouse (or their accountant or business partner) must answer questions from your attorney.
Depositions can reveal:
- Gaps in memory or inconsistencies
- Attempts to hide assets
- Details that don’t appear in the documents
Your attorney can use deposition testimony at trial to challenge credibility or prove financial misrepresentation.
4. Subpoenas
Subpoenas compel third parties—such as banks, employers, or accountants—to provide documents or testimony. If your spouse won’t disclose voluntarily, a subpoena can provide an alternative route.
Subpoenas are especially useful for:
- Retrieving hidden account info
- Verifying income through payroll records
- Accessing corporate or trust documents
Valuing Assets During Discovery
Before you can divide assets, you must know their value. This includes:
- Homes and real estate
- Retirement accounts and pensions
- Business interests
- Vehicles, boats, and collectibles
- Stocks and bonds
- Cryptocurrency holdings
Depending on the asset, your Tampa divorce attorney may recommend hiring experts such as:
- Real estate appraisers
- Business valuation professionals
- Forensic accountants
- Actuaries for retirement valuation
It’s important to note that Florida law uses the date of filing (or another date agreed upon by both parties) as the cut-off for valuing marital assets and debts.
Uncovering Hidden Assets or Income
Unfortunately, some spouses go to great lengths to hide assets during divorce. Common tactics include:
- Undervaluing business income
- Transferring money to relatives or offshore accounts
- Creating fake debts
- Using cryptocurrency or cash withdrawals
- Delaying bonuses or commissions
If you suspect hidden assets, your Tampa divorce attorney may employ a forensic accountant to trace transactions, analyze tax returns, and reconstruct financial histories.
Signs your spouse may be hiding assets:
- Unexplained drops in income
- Missing tax documents
- Secretive behavior with money
- Delayed raises or business losses
- Changes in lifestyle that don’t match reported income
Don’t ignore your instincts. The earlier you raise concerns, the more time your attorney has to investigate.
Discovery in High Net Worth Divorces
Financial discovery becomes even more important in high-asset divorces, where one or both spouses have:
- Multiple properties
- Business ownership
- Executive compensation (stock options, RSUs)
- Offshore accounts
- Trusts or inheritance
- Prenuptial agreements
A Tampa divorce attorney experienced in high net worth divorces will:
- Use aggressive discovery tools to track every asset
- Work with financial experts to untangle complex holdings
- Evaluate prenuptial and postnuptial agreements
- Ensure fair valuation of deferred compensation
In these cases, lack of proper discovery can result in millions of dollars lost or wrongly awarded.
Sanctions for Failing to Comply with Discovery
If your spouse refuses to produce documents or provides false information, the court has tools to compel cooperation, including:
- Motion to Compel: Forces the spouse to comply by court order
- Contempt of Court: Fines, sanctions, or even jail time for noncompliance
- Attorney’s Fees: The court may order your spouse to pay your legal costs
- Striking Pleadings: The court can punish dishonesty by excluding a spouse’s claims
- Default Judgment: In extreme cases, the court can enter judgment against the non-compliant party
A Tampa divorce attorney ensures your rights are protected and aggressively pursues court intervention when necessary.
Digital Discovery and Modern Assets
In today’s world, financial discovery isn’t limited to paper documents. Many assets and transactions exist in digital form. Your attorney may need to obtain:
- Cryptocurrency wallets and exchanges
- Online bank accounts
- Investment apps (Robinhood, Acorns, etc.)
- Venmo or PayPal histories
- Amazon or eBay income
- Emails and cloud storage
Digital discovery requires technical know-how and often involves expert help to ensure data is collected legally and preserved properly.
The Role of Experts in Financial Discovery
In complex divorces, financial experts can make or break your case. Your Tampa divorce attorney may assemble a team that includes:
- Forensic Accountants: To trace money and uncover fraud
- Business Valuators: To determine what a closely held business is worth
- Pension Experts: To divide retirement plans fairly
- Tax Advisors: To minimize liability on asset transfers or alimony
While hiring experts adds cost, it often results in significantly better financial outcomes—especially when your spouse is uncooperative or wealthy.
Frequently Asked Questions
Q: What happens if my spouse doesn’t disclose all assets?
A: The court can impose serious penalties for failing to disclose, including sanctions, contempt, and awarding the hidden asset to the other spouse.
Q: How far back do I have to provide financial records?
A: Typically, Florida requires 12 months of records, but your attorney may request more in complex or high-asset cases.
Q: Do I have to turn over my tax returns?
A: Yes. Tax returns for the past three years are part of mandatory disclosure under Florida law.
Q: What if I can’t find all the documents?
A: Work with your attorney to explain missing documents and show good faith efforts to locate them.
Q: Can my attorney subpoena my spouse’s employer?
A: Yes. A subpoena can compel the employer to provide payroll records, benefits details, and bonus structures.
Q: What is a forensic accountant and do I need one?
A: A forensic accountant investigates financial documents for fraud or hidden assets. If you suspect misconduct, your Tampa divorce attorney may recommend hiring one.
Q: What if my spouse owns a business?
A: You’ll need business valuation and financial records. Your attorney may subpoena records and depose key employees or accountants.
Q: Is digital evidence like Venmo or crypto traceable?
A: Yes. Many digital platforms provide logs, and forensic experts can analyze transfers and activity.
Q: What if I think my spouse is spending money on an affair?
A: Spending marital money on an extramarital affair is called dissipation. Your attorney can raise this during equitable distribution arguments.
Q: Will the court help me get missing documents?
A: Yes. The court can compel your spouse or third parties to provide financial documents through formal legal processes.
Final Thoughts
Financial discovery is the foundation of any fair divorce outcome. Whether your case is amicable or contentious, accurate financial information is essential for:
- Equitable distribution of property
- Alimony decisions
- Child support calculations
- Peace of mind
Don’t let fear or frustration prevent you from demanding full transparency. With the right legal guidance, you can uncover every asset, protect your rights, and secure your financial future.
A trusted Tampa divorce attorney will walk you through each step, ensure your spouse complies with the law, and bring in expert support when needed. If you’re facing divorce and unsure where to begin financially, start with discovery—and make sure you have the right advocate by your side.
The McKinney Law Group: Helping Tampa Clients Navigate Divorce with Integrity
At The McKinney Law Group, we believe that even the most difficult divorces can be handled with integrity, dignity, and care. We support Tampa clients through every stage of the divorce process, ensuring they’re protected legally and emotionally.
We assist with:
✔ Equitable distribution that reflects your contributions and needs
✔ Spousal support tailored to your lifestyle and earning potential
✔ Child custody plans built around your children’s best interests
✔ Protecting your rights through negotiation or litigation
✔ Building a strategy that minimizes conflict and maximizes clarity
You deserve a divorce attorney who listens, understands, and fights for you.
Call 813-428-3400 or email [email protected] today.