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Understanding the financial affidavit for your divorce filing

On Behalf of | Jan 26, 2024 | Firm News |

Going through a divorce can be emotionally and financially difficult. One important document that you must complete is the financial affidavit, which discloses both parties’ income, assets, debts and expenses.

Failing to fully disclose all relevant financial information can lead to issues down the road, so it is important to be thorough when filling out your financial affidavit.

Income information

List all of your sources of income, including salary, investments, government benefits and any other money you receive regularly. Be sure to indicate both gross and net income in the proper sections. Provide documentation including recent paystubs and tax returns. Also, disclose any additional one-time income, such as bonuses or commissions.

Assets

Detail all assets owned either individually or jointly, including real estate, vehicles, bank accounts, retirement accounts, stocks, bonds, collectibles and personal property. Provide statements showing current values and account balances. Also list any anticipated inheritances, lawsuit settlements or insurance proceeds.

Debts

Identify all debts owed by you and your spouse, including mortgages, car loans, credit cards, medical bills, student loans and any other outstanding loans. Include account numbers, monthly payments and total balances due.

Expenses

List all monthly expenses for things such as housing, transportation, food, utilities, insurance, out-of-pocket medical costs, child care and any other regular expenditures. This helps determine an appropriate level of spousal and child support.

Providing complete and accurate information on your financial affidavit can prevent issues from coming up later in the divorce process. Being thorough from the start leads to a smoother resolution for everyone involved.