Finances are an integral part of a divorce. And one very important document when discussing finances and divorce is a financial affidavit.
What is a financial affidavit? An affidavit is a sworn written statement made under oath; a financial affidavit describes your assets, your income, and other financial information.
It's very important for divorcing parties to understand what a financial affidavit is and how it can affect you, if you're going through a divorce.
Why It Matters
In a battle for alimony, it's important for both sides to know what the finances are and how the financial affidavit plays into the whole proceeding. As such, it's important that both sides understand the risks in messing up the financial affidavit.
In a divorce proceeding, there are many things that need to be disclosed. Of these disclosures, one of the most important disclosures is finances.
Now, that's not just for the party against whom alimony is sought. That's also the case for the party seeking alimony.
Basically, your finances will be scrutinized by the court to determine your current state of affairs. The court wants to see, for example, how much child support you should pay or receive. A judge can only make that determination if she has your facts and figures on hand.
Filling Out Your Affidavit
A financial affidavit is very important, but it can also be a pain to fill out. A divorce lawyer can help, but you'll still need to do some work. You still have to disclose your finances to your lawyer. And in many cases, this means that you need to go through your papers and accounts all by yourself.
As with any affidavit, it's executed under oath. So lying will only get you into trouble.
Everything we talked about above sounds complicated. But don't fret. Here is a quick summary of everything discussed above:
- Accuracy is important. This could affect the amount of support required under the divorce decree.
- Don't lie. Don't hide assets. An affidavit is under oath, so you're committing perjury if you lie.
- Your lawyer can't do it all. Only you know your finances.
- The Five Key Points Divorcing Women Need to Know About Financial Affidavits (Forbes)
- Affidavit (FindLaw's LawBrain)
- Divorce (FindLaw)
- Spousal Support (Alimony) Basics (FindLaw)