One of the most stressful and overwhelming parts of going through a divorce is the process of dividing assets, especially if you are a high asset household. Part of what is overwhelming is the learning of new terminology and getting organized in regard to what you own.
A financial affidavit is something that you have probably heard of when looking into the divorce process, but you may be unsure about how to create one and what it entails. It is important that you take the time to understand how a financial affidavit is created and how to be ahead of the game.
What does a financial affidavit entail?
A financial affidavit is a formal document that shows everything you own, what you earn and what your regular expenses are. It must be very thorough and must adhere to a specific legal format.
How much detail does a financial affidavit require?
It is important that a financial affidavit is extremely specific. There is no room for making guesses because this has the potential to heavily affect things such as child support and alimony payments.
How important really is a financial affidavit?
A financial affidavit is what the courts look to in order to make financial decisions on your divorce; therefore, it is extremely important. You must also swear under oath that the details in your financial affidavit are correct.
If you are contemplating going through a divorce but you are worried about the financial implications, it is important that you conduct thorough research. You should also take action as soon as you can so that you are adequately prepared.