Financial affidavit tips: Deductions

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Over the last couple of weeks, we have been providing an overview of financial affidavits – the document that your Miami divorce attorney and the presiding judge assigned to your case will review to determine your financial circumstances. Due to the complexity of this form and the weight it bears regarding alimony payments, child support and property distribution, it is essential that individuals seeking a divorce in Florida have a solid grasp of how they must complete it.

Today, we’ll discuss the Deductions section of this document. In contrast to the Expenses category – which we’ve covered at length in our last few installments – this area is reserved for the funds that are taken directly from your paycheck. In the financial affidavit issued by the Florida judicial system, the following costs are listed as deductions:

  • Alimony awards (if paid) from this or a past relationship
  • Child support from previous relationships (if paid)
  • FICA or self-employment taxes
  • Income tax (local, state and federal) plus your filing status and dependents
  • Medicare costs
  • Retirement payments (if mandatory)
  • Union dues (if mandatory).

As we mentioned in our last post, if your health insurance is provided by your employer – and the monthly fee is subsequently taken from your paycheck – this expense should be listed in the Deductions category. Consult your Miami divorce attorney or review our previous installment to determine how to report insurance coverage for your children.

Even the most accomplished professionals can struggle with the complexities of family law in Florida. Given the impact that this process may have on your future stability, consider consulting an experienced Miami divorce attorney like Scott A. Ferris, Esq.