Financial affidavit tips: Declaring your assets

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A financial affidavit is one of the most important documents you will fill out over the course of your divorce, as this paper is referred to by your Miami divorce attorney, opposing counsel and the ruling judge to gauge your overall financial standing. This, in turn, will influence everything from property division to alimony awards and child support, and you are required, by law, to complete this form to the best of your ability.

In a previous post, we explored the complexities of the seemingly straightforward process of determining your income. Now, we’ll address the declaration of shared and individual assets. The term “asset” refers to “anything that has cash value,” according to Divorcenet.com. The source notes that this area can be divided into two categories: “liquid” assets and property.

“Your cash on hand, the money in your checking and savings accounts, money market accounts, stocks, bonds, mutual funds, certain retirement accounts (if they can be converted into cash easily), profit sharing plans and the cash value of your life insurance,” can all be considered “liquid assets,” the online resource states.

Property, meanwhile, typically includes any real estate you own, either residential or commercial – whether or not it is your individual asset or jointly owned with your spouse.

You will also be required to submit the estimated worth of other belongings including, but not limited to, vehicles, furniture, jewelry and artwork.

If you own and operate your own business, prepare to provide a valuation of the organization in your financial affidavit as well.

To avoid inadvertently over or understating your need for financial support or your ability to provide it, you may need to invest in a professional valuation.

Do you have questions about your financial affidavit, or the divorce process in general? Scott A. Ferris, Esq. is an experienced Miami divorce lawyer who prides himself on providing unparalleled personal attention for all of his clients. Call 305-670-3330 to discuss your case.