If you’re getting divorced, you need to make sure you consider all of the complexities of the case. The decisions made during the divorce could impact the rest of your life. It’s important to get it right.
With that in mind, consider the role of financial affidavits. You’re going to be asked to submit one as you and your spouse divide assets, and it has to be correct.
What does it report?
Generally speaking, you use the financial affidavit to report your own assets. You and your spouse will both do this. The document can include your assets, your liabilities, your income and your expenses. The court needs to know what you have, what you make, who you still owe money to and how you spend the money you get.
Why do they need this report?
The financial affidavit helps the court determine many things, primarily focusing on how assets should be split between the two of you. Your financial statements also play a role when determining things like alimony or child support.
Why does it need to be accurate?
The main reason it must be accurate is so that the decisions the court makes are based on your actual financial position. The court is attempting to find the right solution for your situation, but they need to know every last detail of that situation to do it.
The second reason accuracy is important, though, is that you must swear in court that the document is accurate and that you were honest. If items are left out, you could face serious penalties. You may even be accused of illegally attempting to hide assets.
What steps do you need to take?
It’s clear that getting your finances right is crucial, but doing that is much more complex than just handing over your tax returns or checking the balance on your credit card. You need to know exactly what steps to take, what mistakes to avoid, and how to proceed as you move through the case.
