What is a Financial Affidavit?

How financial affidavits impact divorce and child support cases.

• 4.5 min read
• finances
• family law

A financial affidavit, also called a financial statement or net worth statement in certain states, is a sworn statement detailing your income, expenses, assets, and debts. This document is often used in family law cases related to divorce, alimony, and child support. Learn more about what it’s used for, how it’s filled out, tips to follow, and mistakes to avoid.

What is the purpose of a financial affidavit?

If you and your ex are going through a divorce or seeking child support, you’ll each need to complete a financial affidavit and submit it to the courts. The same form is also required if you’re seeking an alimony or child support adjustment. Family courts use these documents to assess each person’s situation, determine who’s entitled to what assets, and calculate support amounts.

Are there different types of financial affidavits?

While the exact types and thresholds vary by state, LegalZoom explains that most offer two different versions of financial statements. Short-form affidavits are generally used when people with a gross annual income under $50,000 request child support or file for an uncontested divorce. Long-form affidavits are usually needed for those who earn over $50,000 per year.

What’s usually included in a financial statement?

Financial affidavits are meant to give a complete picture to inform those involved in your case, so you need to include every aspect of your finances accurately. LegalZoom lists these examples of information that are commonly required in a financial affidavit:

• Case name and docket number
• Employment or retirement information
• Income from all sources
• Individual and shared expenses
• Tax forms and deductions
• Childcare and school expenses
• Health care and insurance costs
• Property and retirement assets
• Child support or alimony payments

How do I prepare a financial affidavit?

The Balance emphasizes that each state may have unique requirements for filling out and submitting a financial statement. Even with variations between states, the process of preparing an affidavit has similar phases. Here are 7 basic steps you can follow when working on your financial statement.

1. Find the correct form to use: Before you start, check with your local clerk of courts or a family law attorney to confirm whether you need to complete a long-form or short-form affidavit.
2. Gather your financial documents: Compile and review any bills, pay stubs, tax returns, bank statements, and other files to ensure the information you provide is accurate.
3. List your income and assets: Detail the amounts of money you earn each month from work, investments, and other sources of revenue.
4. Document your expenses and debts: List any recurring payments for housing, utilities, food, insurance, child care, and other costs that are fully or partially your responsibility.
5. Calculate your net worth and disposable income: Subtract any debts and recurring expenses from your income and assets to determine what you have left each month.
6. Double-check that your information is correct: Carefully review each part of your form on your own or with a professional to confirm that everything matches your situation.
7. File your affidavit with the court: Once you’ve confirmed your form is complete and accurate, follow directions from your local clerk of courts to notarize and submit the affidavit.

When do I file a financial affidavit?

The timeframe required for filing a family law financial affidavit varies by state. For example, Florida and many other states grant people up to 45 days to file it with the courts. In contrast, Georgia only gives 15 days, while California allows up to 60 days. Check your state’s family court system or other controlling agency to confirm your submission timeline.

Here are links to court information for each state in the U.S.:

What financial affidavit mistakes should I avoid?

Even though the process looks different across states, many people make similar mistakes when they file. Any issue with your financial affidavit can delay court proceedings and create more work, even if it happens unintentionally. Here are 5 tips you should follow to avoid making a mistake with your financial statement.

1. Don’t alter information on purpose

The biggest mistake you can make is intentionally misrepresenting any aspect of your financial situation. Accidents can happen when filling out forms, but deliberate changes are unacceptable. Lying on a sworn document submitted to the courts can lead to fines or even jail time.

2. Don’t “guesstimate” your numbers

Even if you’re uncertain about how much some of your possessions are worth, you shouldn’t guess the amount on your affidavit. Depending on the type of item, you need to check resources that give the fair market value. For example, use the Kelly Blue Book to check your car’s value.

3. Don’t rush through your documents

Completing a financial affidavit takes a lot of time and effort, so you may be tempted to finish it as quickly as you can. You need to spend enough time to complete your form thoroughly. Once you’ve finished it, review each part a few times to catch any mistakes you may have missed.

4. Don’t miss your submission deadline

Your clerk of courts should clearly state how long you have to file your completed form, and sticking to that deadline is imperative. Missing your financial affidavit deadline can lead to fines or contempt of court charges. If you need more time, check if you can file an extension request.

5. Don’t forget to review your ex’s form

Financial affidavits are typically exchanged between parties as evidence, so it’s just as important to review your ex’s statement. Check what they claim as their income and expenses to ensure it’s all correct. If you miss a mistake in your ex’s reporting, it could impact the outcome of your case.

When in doubt, document everything

Going through a divorce or updating your child support order involves filing a financial affidavit at least once. The best thing you can do is to document everything related to individual and co-parenting expenses in case you need to reference them in the future. Even if you’ve co-parented for a while, it’s not too late to start keeping better records.

If you want more organized and documented shared parenting, TalkingParents is here to help. Our features handle payments, messages, and more, giving you an all-in-one service to handle your co-parenting situation. With all interactions documented on an Unalterable Record, everyday life and court preparations are more streamlined than ever.