There are many reasons that a Financial Affidavit (FA) must be filed in your domestic matter. Not only does an FA need to be filed, it should also have supporting documentation so you can prove the accuracy of the FA, as it is a sworn statement of all of your assets and liabilities.
To determine the need or ability to pay alimony, it is important to list your accurate income and your accurate expenses. If you are the person seeking alimony in a dissolution action, you have to show that even after you apply your income, you are not able to support yourself without the assistance of your spouse. If you are the person that is sought after to pay alimony, you want to be sure that you are able to pay what the court may award based on the formula that was codified in 2023. If you are seeking child support, the FA has to be clear about your income, your cost for day care, health insurance (broken down just for the children and just for the parent paying) and any unique travel expenses to participate in time-sharing.
For equitable distribution (how the assets and liabilities will be awarded) it is important to have values, account numbers and everything that you own listed, both marital and pre and non-marital. Non and pre-martial assets may be used for a determination in alimony and attorney fees claims as it relates to the ability to pay and a need.
The FA is a crucially important document for a dissolution and or child support case as neither matter can be resolved without the information that should be included on this document.
Pay close attention to the name of the document as well, Financial AFFIDAVIT, yes, it is an affidavit so you need to know what it says, not that your attorney did it for you and you do not understand it, as it is a document that you are swearing or affirming is true and accurate at the time you are preparing the same. An FA may be modified throughout the case if there are changes to your financial status, or the ownership of assets, and the responsibility to pay creditors or liabilities.
OF COURSE you should review this very important document with your attorney before filing the same to be sure you are preparing the documents to reflect what your financial status is at the current time it is being prepared and filed.
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If you need assistance preparing your Financial Affidavit or other legal documents for your domestic matter, the attorneys at Schwam-Wilcox can assist you as a consultant or by becoming your attorney of record.
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