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Financial Affidavit

This Agreement is entered by and between Jonas Adam, individually or collectively as the "Signee" and Jane Smith, as the "Signer", together referred to as the "Parties".
The Contract is dated [the date both parties sign].

1. Agreement terms

The Parties agree that the following agreement is dependent on the terms presented as follow:

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Financial Affidavit

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What is a Financial Affidavit?

A Financial Affidavit is a legal document that each spouse is required to fill out when a divorce is imminent. Each half of the marriage needs to show their finances to the court before a divorce can be finalized, and a Financial Affidavit is the easiest way to accomplish this, as it shows both the financial history of the couple and the current finances for each person. 

A Financial Affidavit is an important document as it allows the court to get the big picture of a couple’s finances. The court can use this to determine who should pay child support or alimony, and what the amount of child support or alimony should be. 

Lying on a Financial Affidavit is the same as lying under oath or in court. Repercussions are serious and could result in steep fines or even jail time. If there are children involved, by lying under oath you also risk losing custody of your children. For this reason, any affidavit you submit will need to be notarized, so it can be considered a legal document. 

When do you need a Financial Affidavit?

If you’re heading to a divorce, you need a Financial Affidavit whether or not there are children involved. The courts will use the affidavits to determine if alimony or child support needs to be paid by either spouse. There are some other times when you might need one as well, if you are ever getting sued or in court over finances, a Financial Affidavit will likely be required. For example, if you are in business with someone and it ends badly, you could end up in court and need a Financial Affidavit in order to determine if one party owes the other any money.

What if you don’t complete a Financial Affidavit?

Divorces and family court are hard enough. If you don’t have a Financial Affidavit the whole court process is liable to be extended by months or years, thereby dragging out uncomfortable feelings that could have been resolved sooner. A Financial Affidavit will make everything smoother and quicker. Especially if there are children involved, this is always a good thing. Don’t risk an extended time in court by not disclosing all of your financial assets and liabilities. 

How do you fill out a Financial Affidavit?

Legal documents can be difficult to interpret, even for lawyers! You might want to take a look at a sample affidavit before going through the process by yourself. Keep in mind that while there are many samples available online, each state is going to have state-specific regulations. Make sure when you fill out your Financial Affidavit that you are in compliance with your state’s laws. 

After you test out a sample, the next thing you’ll want to do is obtain an official Financial Affidavit form. If you hired a lawyer, he will make sure you have the right form. You can find a form online, just make sure you find the one for your state (that one was for Florida.)

Now that you have the right form, go forward with filling out everything you need. For a Financial Affidavit, this will involve all of your banking information for every account you have. Names and addresses of the banks, as well as dollar amounts from your last bank statements, will be required.

You’ll also need to include your employment information. The name of your employer, and what your salary is. You’ll always need to disclose how long you have been employed by your current company, and any previous jobs as well.

Remember, you’ll need to get your Financial Affidavit notarized, so it is a legal document. To do this, you’ll also need to bring photo identification with you to show the notary before you sign the paperwork.

Black Calculator Near Ballpoint Pen on White Printed Paper
Filling out a Financial Affidavit should be a pretty easy process. (Source)

What information do you need for a Financial Affidavit?

It can be a lengthy process to fill out a Financial Affidavit, as there is a lot of information required for the form to be considered complete. Since it’s a lengthy process, you should plan to have all your bank statements and employment information ready to go before you start the process. You don’t want to stop filling out your form halfway through to look up banking information. 

Banking information

You need to get a hold of all of your banking information. On your Financial Affidavit, you’ll need to declare the names and accounts at all of your banks. You’ll need to show how much money is in each account, and they’ll likely want to see a history going back several years, as well as current balances.

It’s possible you might also need to fill out an Affidavit of Identity, so the court knows exactly who you are. This will help prove all information you provide is accurate. 

If you have any bankruptcies on your record, you’ll also want to disclose those. Loans and all money owed are also important to include on the affidavit.

Employment information

You will need to disclose all the information pertaining to your employment. This will include the name of your employer, how long you have been working there, and what salary you currently earn. You’ll need to provide pay stubs and probably your most recent W2. If you do any part-time or gig work, you’ll need the same information for that job. It’s possible you’ll want to disclose performance reviews as well, especially if they are negative and you might lose your job. This could be important and help your case in court.

Why do I need a Financial Affidavit?

100 U.s. Dollar Banknotes
A Financial Affidavit can protect your financial assets in legal matters, especially during a divorce. (Source)

In the legal world, child support needs to be paid by a parent for the benefit of their child any time a marriage ends. In order for the courts to accurately decide who should pay child support and how much child support is required, it’s necessary for both spouses to fill out Financial Affidavits. These affidavits will also help the court decide if one spouse is required to pay alimony when the marriage dissolves. Withholding financial information at best will serve to delay the court proceedings, and at worse could result in jail time or a loss of custodial rights to your children. It’s best to disclose everything, and the easiest way to do that is with a Financial Affidavit. 

The general rule with financial affidavits

The simplest way to sort out any matter in court is to be honest and have all your paperwork sorted out before you go in. To do this, it’s best to have a Financial Affidavit with all your banking information and employment information accurate and up to date. 

Other considerations with financial affidavits

If you’re in court and it’s still challenging to establish and verify your finances, there are still a few factors that can help make a determination on your finances:

  • An arbitration agreement will help you settle the matter out of court.
  • Bank statements – you can show some of your financial information to the courts by being forthcoming with bank statements.
  • A joint venture agreement will help you if you’re financially obligated to a business partner. Any finances you have tied up with a business partner should be declared.
  • An employee warning letter might help you protect some of your financial assets if you’re on the verge of losing your job.

In any legal proceeding it’s best to be upfront and honest, and declare what you need to. Some of these other factors can help you by protecting your assets. If you need to complete a Financial Affidavit, you can find help in a lot of places. A lawyer is probably the best resource, as they can cover the most ground. However, there is a wealth of information online available to help you as well.

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