When you or your spouse decide to file for divorce in New York, it’s crucial to understand that this process can be legally complex and emotionally challenging. Unfortunately, it’s not simply a matter of signing papers and moving on. Numerous issues must be addressed, particularly those related to finances. One of the most important aspects of any divorce is completing a financial affidavit. Please continue reading as we explore the relevance of this legal document in your divorce and how a knowledgeable Suffolk County Divorce Attorney can assist you during these tough times. 

What is a Financial Affidavit?

A financial affidavit is a legal document that provides a comprehensive overview and full disclosure of the assets owned by both parties during a divorce. Essentially, it’s a snapshot of your income, expenses, assets, and debts. It’s important to understand that each spouse is required to complete this document, as it ensures a fair and equitable distribution of marital assets. It can also be used to determine spousal support and child support payments. You will need to provide a considerable amount of information in this form, including the following:

  • Income: Disclose all monetary resources such as salaries, bonuses, commissions, child support payments, and investments.
  • Expenses: Disclose everything you pay monthly, including housing, utilities, transportation, childcare, education, insurance, and other costs.
  • Assets: Disclose all of the properties and assets you possess, such as vehicles, real estate, bank accounts, investments, and other valuables.
  • Liabilities: Disclose all financial obligations you have, including mortgages, loans, credit cards, and other outstanding obligations.

What Should I Do if I Need Help Filing This Form?

Divorce is a significant life event with far-reaching consequences. By taking the necessary time to understand the legal and financial implications of your divorce, you can help to ensure that your interests are protected. Given the importance of the financial affidavit, it’s essential to complete it accurately and thoroughly. Any errors or omissions could have significant consequences, potentially leading to an unfair settlement. You should note that because this is a sworn statement, failing to provide accurate financial information could lead to being held in contempt of court, resulting in fines or even jail time.

If you are unsure how to complete a financial affidavit or have concerns about the financial implications of your divorce, it’s in your best interest to contact an experienced attorney from The Law Offices of Susan A. Kassel, P.C. Our legal team is prearped to ensure that your rights are safeguarded at every turn and that you can move forward with your life. Connect with our firm today to learn more.