Jennifer Lopez and Ben Affleck could face serious consequence if they fail to meet deadline in divorce proceedings

Divorce proceedings are never smooth-sailing, but in the case of Jennifer Lopez and Ben Affleck, making one vital mistake could cost them a colossal fortune.

The Hollywood couple's split was announced earlier today (21 August) following months of rumours over the status of their relationship, prior to the 'Jenny From The Block' singer filing documents in court.

Lopez, 55, or Affleck, 52, first began their relationship in 2002, later getting engaged the same year.

However, it seemingly wasn't meant to be as the pair later called it quits in 2004.

Jennifer filed for divorce today (21 Aug). (Gotham/GC Images)

In 2021, Affleck and Lopez later reconnected and ended up tying the knot in 2022.

Their initial Las Vegas ceremony in July was followed up with a second ceremony in Georgia just a month later.

An insider reportedly told the Daily Mail back in July that the pair had supposedly 'finalised the divorce papers' a month prior, but were 'waiting for the right time to drop them'.

"At that time, they will release a joint statement that will say how they have much love for each other and how they fought to make it work, but couldn’t."

According to several media reports, the couple opted not to sign a prenuptial agreement prior to exchange their vows.

As such, Lopez didn't mention any aspects of such an arrangement in her petition for divorce, it has been reported.

As per documents obtained by the BBC - as well as several other news outlets - the former couple must share their financial information in the proceedings.

The duo tied the knot in 2022. (Christopher Polk/Variety via Getty Images)

Such information includes their respective current incomes, as well as their expenses, properties and any debts they have maintain.

'Bennifer' are compelled to divulge this information, as per divorce law in the US.

According to DivorceNet, this information needs to made apparent early on in order to divide the couple's 'martial estate'.

The website further states that if the two parties cannot agree on how to divide everything, then a judge will do so instead - dependant on the individual state's property division laws.

Mother-of-two Lopez herself has 60 days to file for financial disclosure, whilst Affleck will have another 60 days once her's is filed, to do so himself, as per the BBC.

However, failure to complete these financial-update expectations could result in a court-imposed sanction, which could subsequently see the duo forking up even more funds in monetary fines.

The couple's shock split comes after countless rumours were sparked over the status of their relationship.

The couple previously dated in the early noughties. (Evan Agostini/Getty Images)

Back in June, Lopez - who has previously been married three times - was spotted by paparazzi holidaying separately from her Gone Girl star husband.

Days later, she was seen not to be wearing her wedding ring on 4th of July weekend, which she also spent alone.

And just last month, the couple were also reported to have put their 12-bedroom, 24-bathroom California mansion on the market for $68,000,000.

Fans of the duo also noticed back in May that Affleck didn't attend his wife's premiere for her Netflix movie Atlas - which is also where she directly responded to divorce rumours when quizzed by a reporter.

Tyla has contacted Lopez and Affleck's representatives for comment.