Financial Affidavit
A sworn document listing all income, expenses, assets, and debts that each spouse must file during divorce proceedings.
Understanding Financial Affidavit
A financial affidavit is a comprehensive disclosure of your financial situation filed under oath with the court. It typically includes gross and net income, monthly expenses, real and personal property, bank accounts, investments, retirement accounts, debts, and liabilities. Both spouses must complete one, and lying on a financial affidavit constitutes perjury. Courts rely heavily on these documents to make fair decisions about property division, alimony, and child support.
Real-World Examples
Both spouses were required to submit financial affidavits within 45 days of filing, listing every bank account, debt, and monthly expense.
Related Terms
Required exchange of financial documents between both spouses early in the divorce process, regardless of whether either side requests them.
Hidden AssetsAssets that one spouse deliberately conceals, undervalues, or fails to disclose during divorce to avoid fair division.
PerjuryThe criminal offense of deliberately lying under oath or in a sworn document, such as a financial affidavit in divorce proceedings.
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This definition is provided for educational purposes only and does not constitute legal advice. Divorce laws and terminology may vary by state and jurisdiction.
Always consult a licensed attorney in your area for advice specific to your situation.