Financial affidavit tips: Accuracy is essential

In our last post, we covered the importance of the financial affidavit – a document that each party in a divorce must submit to give the court a comprehensive sense of their financial standing. This form will be continually referred to throughout your proceeding, so it is essential that the details you provide are as accurate as possible.

Your financial affidavit is a legal document so, by law, you cannot willingly misrepresent your monetary worth, whether your intent is to exaggerate your need for financial support or downplay your assets to avoid larger alimony payments. Once you and your former spouse have completed this document, you will be required to swear under oath that the details you provided are true “to the best of your knowledge and belief.”

However, some individuals may inadvertently misstate their worth by missing out on certain steps when evaluating their finances or failing to consult their Miami family law attorney if they have questions.

Accurately determining your income, assets, expenses and liabilities can be an arduous task, one that requires you to sift through past tax returns, credit card bills and countless other financial records. However, Forbes notes that “knowing your finances at that level of detail can make a significant difference in the […] picture you present to the Courts.”

“No matter how difficult the process becomes, resist the urge to guesstimate,” the financial publication stated. “Most people guess wrong – and usually, they’re wildly wrong.”

In order to come to a fair and appropriate divorce settlement, it is essential that the Miami divorce attorneys involved and ruling judge have an accurate depiction of both spouses’ finances. If you have questions or concerns about this essential document, don’t hesitate to consult an experienced family law lawyer like Scott A. Ferris, Esq.