In a divorce setting, both parties will each be required to submit a financial affidavit. This is an official document that states the person’s current financial background and situation. It provides a detailed listing and overview of the person’s income, expenses, assets, and liabilities. Each party is required to swear that the information and statements provided in their financial affidavits are complete and true.
Each state may have different definitions and requirements for divorce financial affidavits. Also, different jurisdictions might refer to the documents by different names, such as Financial Declaration, Statement of Net Worth, or Case Information Statement. The information gathered from a financial affidavit may be used for various purposes, especially when it comes to dividing property and calculating support amounts.
What Should Be Contained in a Financial Affidavit?
At first glance, completing and submitting a financial affidavit for divorce might seem straight-forward. However, it can often be a difficult and comprehensive task that involves many aspects and considerations. For instance, you may need to supply more information than a simple bank account or credit card statement.
- Depending on state law requirements, a financial affidavit may involve:?
- Complete listings of all assets owned by each spouse
- Listings of debts owed
- Statements regarding earnings as well as spending (i.e., income and expenses)
- Descriptions of other factors, such as business ownership, academic or educational attainment, securities, and other factors
- Information regarding spousal support or child support
- Other financial aspects, depending on the case
What If There Is a Dispute over a Financial Affidavit?
Financial affidavits are intended to help prevent disputes over finances during the divorce proceedings. However, the financial affidavit itself can often be a source of disputes or legal violations. One of the more common violations in this regard is where one party attempts to hide assets from the other during the divorce hearings. In a divorce, each party is required to make full disclosures of their accounts and assets so that the court can issue appropriate support or property rulings.
Failure to disclose assets in a divorce can lead to legal penalties, such as a contempt order or even criminal consequences in severe case. These types of violations and other conflicts over financial statements may require additional legal hearings and representation.
Should I Hire a Lawyer for Help with a Divorce Financial Affidavit?
Divorce affidavits may require a thorough analysis of the person’s entire financial background. You may wish to hire a qualified family law attorney if you need help with any financial matters during a divorce. Your attorney can assist you with your property listings, account statements, and other matters. It’s important to follow all state affidavit requirements in order to avoid legal penalties or consequences.