One of the unknown side-effects of getting a divorce is having your finances raked over with a fine tooth comb by the attorneys in the case. When this information is presented to the court, it must be done so in a very specific legal format that ensures that the process was thorough and in the best interests of all involved. If the divorce is contested by one of the parties, then you will also be required to file a financial affidavit. The financial affidavit is an official and legal document that lists what you own and what you owe and how this compares to what you earn each year and what you spend.
What do I need to know about financial affidavits?
Support payments and the details of the divorce settlement will rely on the information found in the affidavit, so it must be done more thoroughly than simply reviewing a checkbook. As much detail as possible must be included, and this information must be sworn upon under oath in regards to the accuracy of the details listed on the affidavit.
There are some thing to remember when completing a financial affidavit:
- Divorce attorneys are not financial experts and completing the affidavit should be done with the help of a financial advisor that can testify on behalf of your lifestyle and spending habits.
- The little details and expenses add up. Not reporting all these small expenses can have a drastic impact on the outcome of the divorce settlement. Further, it is important not to guess the costs of these expenses since doing so can oftentimes cause more harm than good.
- Use technology to help you track all of your little expenses and keep you aware of how much money you truly spend.
Following a divorce, you need to ensure that you are creating a comfortable life for yourself moving forward and the financial affidavit is one way of doing so. When you give an accurate representation of what it costs to live your life, without including expenses that seem implausible or underrepresenting your financial needs, you are allowing yourself the best chance of success following a divorce.
Worried about your divorce? We are here to help! Feel free to give us a call and learn about what you may need to complete a financial affidavit.
