Financial affidavit tips: Contingent assets and liabilities
In order to file for divorce in the state of Florida, both spouses involved must complete a financial affidavit and submit it to the court. This document, which will also be reviewed by each party’s Miami divorce attorney, provides a general idea of an individual’s financial standing. This will be used to help determine several aspects of the final settlement including property division and child support payments.
Due to the importance and complexity of this paperwork, we’ve spent the past couple of weeks going over its various components. Thus far, we’ve focused largely on how to calculate and record your current income, expenses, assets and liabilities. However, this document also requires you to record any contingent variables that could affect your financial standing in future.
As the financial affidavit issued by the Florida court system states, filers must include any possible assets and liabilities when completing the form.
Contingent assets may include:
- Accrued vacation/sick leave
- Bonus
- Inheritance
- Potential income.
Contingent liabilities may include:
- Debts currently managed by another party
- Pending lawsuits
- Unpaid taxes.
These factors can all be subject to cross-examination if your spouse’s Miami divorce attorney has grounds to suspect that any information has been falsified or omitted, so it is essential that you fill out this section as accurately as possible.
If anything regarding your financial status changes after submitting your financial affidavit, you are required by law to inform the court and make the necessary adjustments to your legal documentation.
Calculating these contingent values can be complex and time-consuming. Do you have concerns about this section of your financial affidavit, or the divorce process in general?. Scott A. Ferris, Esq. has practiced family law for over 25 years, and guarantees personal attention for all of his clients. Call him at 305-670-3330 to discuss your case.