Financial Affidavit for Divorce in Florida
Full and fair financial disclosure of the parties is crucial in almost every divorce and family law matter. Our skillful lawyers understand the parties’ financial resources and assets are generally the main focus of every divorce, child support and alimony case that is pursued. Even in the event the parties are able to reach an amicable settlement agreement, a full and fair financial disclosure is required under Florida statute for the agreement to be valid and recognized by the Pensacola court.
Our family law attorneys will painstakingly scrutinize the parties’ incomes and financial disclosures to not only insure the accuracy of the Family Law Financial Affidavit but also that your litigation goals are in your best interest based on the financial disclosures.
What is a Financial Affidavit?
During divorce proceedings, it's mandatory for both spouses to provide a comprehensive financial document, also known as a financial affidavit. This document helps clarify the financial history and current situation of a family, which is then used by a judge to make the proper decisions regarding matters like alimony, property division, and child support. Due to the document's thorough and comprehensive nature, it's imperative to seek assistance from an experienced divorce lawyer, especially if you situation is one of high net worth.
There are two types of financial affidavits used in Florida; a short form and a long form. In most cases, the long form will be used as it includes more detail into the financial statuses of the parties. However, the short form is permitted to be used in cases where your individual income is less than $50,000 annually.
What Is the Purpose of a Financial Affidavit in Florida?
The State of Florida requires full financial disclosure to proceed with a settlement agreement. Nearly all divorce cases require both parties submit a Family Law Financial Affidavit. This affidavit is essential to ensure equitable asset distribution under Florida statute.
Matters addressed on a financial affidavit include:
- The amount of alimony to be paid
- The amount of child support to be paid
- The assets and property the will be divided during divorce
- Which spouse will be accountable for what debts
Since the division of financial assets is important within marriage dissolution, proper document preparation is essential. This holds true for both contested and uncontested divorce cases. Even when both parties remain cordial, courts require the financial affidavit in Florida. Without complete financial disclosure, the divorce agreement will not be recognized by the state of Florida.
What Information Is REquired in a Financial Affidavit?
The Family Law Financial Affidavits require you to first provide the court with an accurate representation of your net monthly income. You will begin with providing information regarding your gross income including:
- Occupation, Retired, or Unemployment
- Employer, or attempts to obtain employment
- Business Address
- Pay Rate
- Last year’s gross income
- Monthly gross salary, bonuses, commissions, overtime, tips
- Monthly business income
- Monthly disability or Social Security benefits
- Monthly Worker’s Compensation
- Monthly Unemployment Compensation
- Monthly pension, retirement, or annuity payments
- Monthly alimony received
- Monthly interest and dividends
- Monthly rental income
- Monthly income from royalties, trusts, or estates
- Any other type of recurring income
After documenting every source of monthly income, you will total these to present a final monthly gross income. Then you will compile a list of your monthly deductions including:
- Monthly income tax; with your filing status and number of dependents claimed
- Monthly FICA or Self Employment taxes
- Monthly Medicare payments
- Monthly union dues
- Monthly retirement payments
- Monthly health insurance payments
- Monthly child support paid
- Monthly alimony paid
You will then total the monthly deductions allowable and subtract it from your monthly gross income to provide a net monthly income. You will then list your monthly expenses including:
- Household
- Mortgage or rent
- Property taxes
- Insurance
- Homeowner’s insurance
- Utilities
- Lawn care
- Pool maintenance
- Pest control
- Phone
- TV
- Internet
- Groceries
- Meals outside the home
- Maintenance and repairs
- Automobile
- Gasoline
- Maintenance and repairs
- Auto tags
- Payments
- Alternative transportation
- Tolls and parking
- Insurance
- Child
- Day care
- Babysitting/nanny
- School tuition
- School supplies
- Extracurricular activities
- Allowances
- Clothing
- Lunch money
- Clothing
- Gifts
- Grooming
- Summer camp
- Clubs
- Timesharing expenses
- Entertainment
- Uninsured medical and dental
- Counselor
- Prescriptions
- Orthodontics
- Vitamins
- Insurance
- Personal medical/dental
- Children’s medical/dental
- Life
- Other
- Personal clothing
- Dry cleaning
- Pet expenses
- Clubs or memberships
- Sports or hobbies
- Vacations
- Bank charges/credit card fees
- Education
- Personal uninsured medical/dental
- Personal grooming
- Personal entertainment
- Gifts
- Religious organizations
- Creditors
- Credit cards
- Promissory notes
- Loans
- Student debt
You will then total your monthly expenses and subtract this from your monthly income and note the monthly surplus or deficit.
Finally, you will list your assets and liabilities, along with their corresponding value and classification of marital or nonmarital property. Assets can include what you own, such as cash, stocks, equity in home, cars, boats, retirement plans, furniture, jewelry, or equipment. While liabilities are what you owe, such as an outstanding mortgage, loans, judgments, or promissory notes. Your Florida Divorce Attorney will be able to discuss with you’re the classification of each item as marital or nonmarital as some legal evaluation may need to be implemented.
Our team of divorce attorneys at The Virga Law Firm, P.A. are dedicated to protecting your best interests as you move forward with your life. To schedule a consultation with a lawyer, contact us at (800) 822-5170 today.
Is a Financial Affidavit Always Needed?
The use of a financial affidavit may be waived only if:
- You are filing for a simplified dissolution of marriage
- You have no minor children and have a marital settlement agreement distributing all financial issues
- The court lacks jurisdiction to determine any financial issues.
However, a waiver of financial affidavits is generally not recommended as these documents provide a great deal of information that your spouse may have neglected to inform you of or is attempting to hide from you.
What Happens If My Financial Situation Changes During the Divorce?
You may file an updated or supplemental financial affidavit if expenses change during the divorce process, such as you have retained new employment or housing. However, it is important to be as accurate as possible within your first filing. Take time in drafting this document, be honest, reasonable, and note your needs. Take into consideration the number of different effects that a divorce will take on your expenses and income and properly account for this in your affidavit. Your Florida Divorce Attorney will be able to assist you with this document; however, you are the only one who will be able to complete it as you are the one who knows your personal finances.
Do I Need An Attorney to Help With a Financial Affidavit?
Financial affidavits are tedious and require the insight of a legal professional. Sections such as monthly expenses can be time-consuming to sort through. It's important to be completely honest when completing your financial affidavit, because these documents are signed under oath and can be used as sworn testimony. Penalties for lying on a financial affidavit include being charged with perjury.
Get Assistance from Our Experienced Legal Professionals
Completing a financial affidavit on your own can be an overwhelming task due to the in-depth breakdown of your income and net worth. But do not be alarmed. Our attorneys are here to help you every step of the way. We will assist you with the completion of the financial affidavit, as well as other disclosures that may be requested of you. In addition, we will analyze the opposing party's affidavit to ensure your economic rights are protected, and you receive what is fair under the state law.
The Virga Law Firm will be there for you every step of the way. Our divorce lawyers will assist you with the preparation of your Family Law Financial Affidavit in Florida. Furthermore, our group will extensively study the opposing party’s affidavit. Through diligent examination, we can determine how to best protect your financial interests. Let our team of divorce attorneys defend your financial best interests. We will strive to see you receive what is just and fair under the exercise of the law.
Do you have questions regarding your financial security in a divorce case? Call our family law office and schedule a consultation today!
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