Financial Affidavits in Family Law Cases

A partner’s income and assets are often an issue in family law cases. Courts must make fair decisions about the division of assets, spousal support, child support, and marital property. Courts may request a financial affidavit in a divorce or custody case when the court’s decision depends on the income and assets of the parties.

This article answers many of the most frequently asked questions about financial affidavits in family law. The best resource for legal advice is a local family law attorney. If you are involved in a family law dispute, you should contact a local family law lawyer right away. 

What Is a Financial Affidavit in a Family Law Case?

An affidavit is a written document documenting a witness’s sworn statement. The witness swears to the truth of the statements in the document by signing the document before a person called an affiant. The affiant then swears to the truthfulness of the facts in the affidavit. A notary public then notarizes the affidavit. After it is notarized, you can present the affidavit in court as sworn evidence.

A financial affidavit summarizes your monthly income, expenses, assets, and debts. The court uses the affidavit to make a fair decision about financial matters. This includes child support, alimony, child custody, and the distribution of assets. 

What Information Is Included in a Financial Affidavit?

A financial affidavit will contain detailed information about your finances in a family law case. Depending on what the court requests, a family law financial affidavit may contain information about your: 

• Income: This includes your annual income, sources of income, and interest from investments. Your income information may also include what percentage of your income is based on salary, commission, or hourly wage. The financial affidavit will include yearly income tax.
• Expenses: This includes monthly expenses like rent or mortgage, car payments, utility bills, other alimony payments, groceries, entertainment, and student loan payments. It will include annual expenses like tuition for minor children.
• Assets: You may have to identify your assets like your house, savings accounts, real estate, retirement accounts, cars, and jewelry.
• Debts: The financial affidavit will also contain all your debts and liabilities. Car loans, credit cards, mortgages, and student loans. 

The financial affidavit also permits a party to identify any financial issues unique to their case.

How Do I Complete a Financial Affidavit in a Family Law Case?

You will need to identify and list the details of your financial situation. You will also likely need to document where the numbers came from. This will likely include pay stubs, tax returns, bank statements, bills, and other financial documents. Be thorough and be honest. An experienced family law attorney will be able to assist you with this. 

What Are the Deadlines for Submitting a Financial Affidavit in Family Law?

The deadlines and timing for submitting a financial affidavit in your family law case will depend on several factors. This includes the jurisdiction, whether you have legal representation, the judge overseeing the case, and the legal proceeding phase. Typically, the judge will issue a timeline for the case with the deadlines for submitting documents. It is crucial to obey the judge’s orders and stick to deadlines. 

What Are the Penalties for Not Filing a Financial Affidavit in Family Court?

Penalties will depend mainly on the judge. Not filing an affidavit at all will likely lead to penalties. Possible penalties include contempt of court, which could lead to jail time.

Not doing something the judge tells you to do reflects poorly. This is something you want to avoid in a family law case. The judge will consider your character when making decisions in your case. 

What Is the Purpose of a Financial Affidavit in a Family Law Case?

A financial affidavit in a family law case ensures that the judge has all the information about your financial status. With this information, the judge can make the best and fairest decision. Forcing you to swear under oath guarantees honesty and transparency. The court can then make decisions about spousal support, custody, and asset division based on accurate information. 

What Happens After Filing a Financial Affidavit?

Once you file your financial affidavit, the other party will review it with their attorney. You will have an opportunity to review their financial disclosure with your attorney. The court will also review the financial affidavits. With all the information available to everyone, the parties may engage in settlement negotiations or proceed to trial. 

Can I Be Audited for My Financial Affidavit?

Yes, you can be audited. If the judge thinks your financial affidavit is inaccurate, they may request more information or supporting documentation. Your opposing party may also request that the judge audit your financial affidavit. This is one of the reasons why honesty is so important in your financial affidavit. There may be severe legal consequences if the court finds you lied on your financial affidavit. This includes possible perjury charges.

Financial affidavits can be time-consuming and intimidating. But with the assistance of an experienced family law attorney, you can rest assured that the information will be thorough, accurate, and in line with the court’s rules and expectations.