When you file for divorce, you have 45 days to fill out a financial affidavit. This is a mandatory disclosure that includes your employment information, income, assets, liabilities, and expenses. It is extremely important that you fill out the affidavit form as accurately as possible, because it will become crucial to your divorce proceedings. The form will be used for:
If you are self-employed, or have multiple sources of income, your spouse may accuse you of lying about or hiding additional income or assets. When you fill out your financial affidavit honestly and accurately, forensic accounting will not dig up anything suspicious. Being completely honest about your finances throughout the proceedings will help you in the long run.
Your financial affidavit and that of your spouse will determine how much alimony is paid, if any. If you need to receive alimony, or if you are the spouse responsible for paying alimony and do not have the income to do so, the court will take your affidavit into consideration when making the calculations.
Calculating the amount of child support payments is an important aspect of the divorce proceedings. The judge uses the financial affidavits of both spouses to calculate the child support payments that you or your spouse will have to pay. For the sake of your child’s health and well-being, it is crucial that the financial affidavits are filled out accurately.