The financial affidavit: What it is and how it affects your divorce
Per Florida family law, if a party is seeking court-awarded financial support including, but not limited to, alimony and child support, both the claimant and their former spouse are required to disclose key documents that attest to their current financial standing.
One of the most crucial documents in a divorce proceeding is each party’s financial affidavit. This form includes details about their income, regular liabilities and assets, and is a means of providing the court with a snapshot of the overall financial situation of both spouses. In terms of alimony payments, this document will be consulted to determine the need of the individual seeking support and the ability of the party who may be providing it, and may also dictate the amount awarded if alimony is deemed appropriate as well as and the division of property and other assets. The financial affidavit also plays an essential role in establishing a child support plan, as the net income cited in each individual’s financial affidavit will be used as a baseline in related documents. In future installments, we’ll provide further details about this area of divorce law.
To supplement the financial affidavit, both parties may be required to provide state and federal tax returns, as well as gift and intangible property tax returns. If a tax return has not been filed for the current year, IRS forms W-2, 1099 and K-1 can be submitted in its place. This documentation serves to corroborate the assessments each party has made in their affidavits.
Other financial documents that may be requested under the state’s guidelines regarding mandatory disclosure include loan applications, pay stubs, bank statements, credit card bills, brokerage accounts, life insurance policies and paperwork related to retirement plans, profit sharing accounts or deferred income.
For assistance with the complex and contentious arena of divorce law, consult a Miami family lawyer with experience, determination and a personal investment in your case. Scott A. Ferris, Esq. is a Miami divorce lawyer who will treat your divorce proceeding with the consideration it deserves.