For many, going through a divorce poses a number of important financial considerations, like how you will divide assets or who is responsible for paying child support. However, in order to determine these matters, each party must complete a financial affidavit. If you are unsure what this document is or what to include, you’ll want to keep reading, as the following blog explores these matters in further detail. Additionally, you’ll discover the importance of working with Long Island family lawyers during this process to help you during these difficult times.
What Is a Financial Affidavit, and What Information Must Be Covered?
When you and your spouse decide to file for divorce, one of the most important documents you must submit to the court is a financial affidavit. This essentially details all your financial information, including your income and expenses, as well as assets and debts. This document is critical to the outcome of your divorce, as it can be used to determine matters like property division, alimony, and child support.
Common information that must be included in this document includes the following:
- Case information, like the docket number, both parties, and their representation
- All income, including bonuses, tips, social security, and secondary sources of income
- Inheritances, insurance payouts, gifts, or personal injury case awards
- Eligible tax deductions
- Your children, their ages, and related expenses
- Household expenses
- Your current expenses
- Debts paid
In addition, you’ll need to include supplemental documentation, like your previous tax returns, proof of income, and W-2 forms.
What Happens if Information Is Incorrect?
Because both spouses are required to provide comprehensive financial affidavits, ensuring the information included in your document is correct is critical. Miscalculations or concealing assets and debts can impact the outcome of your divorce, meaning you may not get the financial support necessary.
However, if you intentionally include incorrect information as a means of obtaining a more favorable outcome, the court will likely uncover this information. You can be penalized as a result, facing penalties like fines, forfeiture of assets, and even potential jail time.
That is why it is critical to connect with an experienced attorney who can guide you through the process of completing a financial affidavit to ensure the information included is accurate. Not only can this help ensure you receive the best possible outcome for your case, but it can also help you avoid legal issues. Similarly, your attorney can examine the financial affidavit your spouse provides to ensure their information is accurate and they are not inflating numbers or concealing assets.
At the Sklavos Law Firm, our team understands how overwhelming a divorce can be. Not only must you navigate the emotional complexities of this process, but you may also struggle to navigate the financial issues that can plague this process. That is why it is strongly recommended to connect with an experienced attorney from our firm. Our team will examine your circumstances to determine the best possible outcome. When you need assistance, contact our team today to learn more.