How To Prepare Your Financial Affidavit
Florida law requires both spouses/parents to file Financial Affidavits in most Divorce and Family Law cases. Florida law recognizes only the following times when a Financial Affidavit is not mandatory:
The preparation of your Financial Affidavit is very important. It will be presented to the court and impact every part of your case. The Financial Affidavit is used to determine the proper division of marital property in your divorce, to determine entitlement to alimony as well as the proper amount of alimony, and to determine the proper amount of child support in divorce, post-divorce, and paternity cases.
The Financial Affidavit is sworn under oath, so when you sign it, you are telling the Judge it is an accurate and complete document. Imagine how you will feel if you are at trial and your spouse's attorney is cross-examining you about the information you provided in your Financial Affidavit. Will you feel you can substantiate and defend the information you provided?
Completing your Financial Affidavit can be an unpleasant task, and it can feel intimidating when so much is riding on getting it right. The final order will factor in your income, expenses, assets and liabilities, which you will provide in your Financial Affidavit, to determine the division of property, and any child support or alimony.
Get help from your attorney or financial planner to get you through this important paperwork. One common mistake that can end up being costly is guessing rather than doing the work of finding the correct numbers.
The best-case scenario is to have a good understanding of your financial picture before divorce proceedings are underway, but many times people find themselves unprepared. Divorce is tough enough, so make it easier on yourself by asking for help when needed and filling out your Financial Affidavit in a conscientious fashion.
What Information Goes In A Financial Affidavit?
In your Financial Affidavit, you will list all your sources of income, which includes expenses your employer pays for you that you would normally have to pay yourself (i.e. health insurance, car payments). Also, list your deductions from income, which includes your taxes, health insurance, mandatory retirement payments, and mandatory union dues. There are some others, but these are the most popular.
If you are self-employed, you will have to estimate your income and taxes based on your income history. You will also have to take into account all personal expenses the business pays for you.
Expenses can be a more complicated section of the Financial Affidavit because you may not know how drastically they are going to change when the divorce is over. You will need to do your best to determine your expenses prior to your separation and what they will be moving forward. Estimates are permissible, but the amounts should be as realistic as possible. You can also footnote comments related to each expense you are including on your Financial Affidavit.
You should list all assets and liabilities (property and debt) of both you and your spouse. If you believe that an item is non-marital, make a note of it to discuss with your attorney.
Start With a Draft
I always have my clients start out with a draft we can review together. In my office, we provide our clients a worksheet to complete. We will ask you to fill out this worksheet carefully and with as much detail as possible.
When completing your Financial Affidavit worksheet, it’s important to take your time and go through your paycheck stubs, checkbook, charge accounts, credit card bills, utility payments, bank statements, hospital bills, mortgage or rental receipts, and other financial records to get the numbers right. Not only can little errors affect the final order, but intentional omissions or mistakes on this document is considered perjury.
You should also keep the records you reviewed separate and organized so you can bring them to my office to review the records together. You will also need them later if questioned by the opposing attorney.
And if anything changes in your financial situation, you should update your Financial Affidavit.
- You are filing a simplified dissolution of marriage under rule 12.105 and both parties have waived the filing of a financial affidavit;
- You have no minor children, no support issues, and have filed a written settlement agreement disposing of all financial issues; or
- The court lacks jurisdiction to determine any financial issues.
The preparation of your Financial Affidavit is very important. It will be presented to the court and impact every part of your case. The Financial Affidavit is used to determine the proper division of marital property in your divorce, to determine entitlement to alimony as well as the proper amount of alimony, and to determine the proper amount of child support in divorce, post-divorce, and paternity cases.
The Financial Affidavit is sworn under oath, so when you sign it, you are telling the Judge it is an accurate and complete document. Imagine how you will feel if you are at trial and your spouse's attorney is cross-examining you about the information you provided in your Financial Affidavit. Will you feel you can substantiate and defend the information you provided?
Completing your Financial Affidavit can be an unpleasant task, and it can feel intimidating when so much is riding on getting it right. The final order will factor in your income, expenses, assets and liabilities, which you will provide in your Financial Affidavit, to determine the division of property, and any child support or alimony.
Get help from your attorney or financial planner to get you through this important paperwork. One common mistake that can end up being costly is guessing rather than doing the work of finding the correct numbers.
The best-case scenario is to have a good understanding of your financial picture before divorce proceedings are underway, but many times people find themselves unprepared. Divorce is tough enough, so make it easier on yourself by asking for help when needed and filling out your Financial Affidavit in a conscientious fashion.
What Information Goes In A Financial Affidavit?
In your Financial Affidavit, you will list all your sources of income, which includes expenses your employer pays for you that you would normally have to pay yourself (i.e. health insurance, car payments). Also, list your deductions from income, which includes your taxes, health insurance, mandatory retirement payments, and mandatory union dues. There are some others, but these are the most popular.
If you are self-employed, you will have to estimate your income and taxes based on your income history. You will also have to take into account all personal expenses the business pays for you.
Expenses can be a more complicated section of the Financial Affidavit because you may not know how drastically they are going to change when the divorce is over. You will need to do your best to determine your expenses prior to your separation and what they will be moving forward. Estimates are permissible, but the amounts should be as realistic as possible. You can also footnote comments related to each expense you are including on your Financial Affidavit.
You should list all assets and liabilities (property and debt) of both you and your spouse. If you believe that an item is non-marital, make a note of it to discuss with your attorney.
Start With a Draft
I always have my clients start out with a draft we can review together. In my office, we provide our clients a worksheet to complete. We will ask you to fill out this worksheet carefully and with as much detail as possible.
When completing your Financial Affidavit worksheet, it’s important to take your time and go through your paycheck stubs, checkbook, charge accounts, credit card bills, utility payments, bank statements, hospital bills, mortgage or rental receipts, and other financial records to get the numbers right. Not only can little errors affect the final order, but intentional omissions or mistakes on this document is considered perjury.
You should also keep the records you reviewed separate and organized so you can bring them to my office to review the records together. You will also need them later if questioned by the opposing attorney.
And if anything changes in your financial situation, you should update your Financial Affidavit.