The Phoenix Family Law News Blog - Find a Phoenix Family Attorney

What Is a Financial Affidavit in a Divorce?

Do you know what a financial affidavit is?

Financial information is sensitive and very important when going through a divorce. A financial affidavit is just one of many numerous documents that you may need in a divorce proceeding.

First off, an affidavit is a sworn statement made under oath. It's usually in writing.

A recent Forbes article talked about financial affidavits and what women should know about them. Why is this particularly important for women?

Because in a divorce, there's a greater chance that the woman will be seeking alimony. As such, it's important for her to know how to disclose her financials effectively.

Many things in a divorce proceeding need to be disclosed. One of the most important disclosures involves finances, for both parties. Basically, your finances will be taken apart and scrutinized by the court to determine where you stand and how much child support you should pay (or are entitled to receive).

While a financial affidavit is very important, it can also be burdensome to fill out. It's tough to work on, even if you have a divorce lawyer doing much of it for you.

A divorce lawyer can only do so much. You have to come to the table with your finances and disclose them to your lawyer. And sometimes, that means that you need to dig through your papers and accounts all by yourself.

It's about as much fun as filing your tax returns. And it's actually very similar to that process.

As with any affidavit, it's executed under oath. So you can't lie. Honest and accuracy are key.

To sum it all up, here's a breakdown on what you need to know about financial affidavits:

  1. Be accurate. This could affect the amount of support required under the divorce decree.
  2. Be honest. Don't hide assets or lie. An affidavit is under oath, so you're committing perjury if you lie.
  3. Don't rely on your divorce lawyer to do everything for you. Only you know your finances.

Related Resources: