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Financial Affidavits: 3 Things to Know if You're Going Through a Divorce

What is a financial affidavit and what do you need to know about them if you're going through a divorce?

If you haven't already fallen asleep at the word "financial affidavit," we'll try to make the process bearable here. Forbes recently talked about the financial affidavit in terms of what women need to know about these documents. We'll break down some of those concepts and make them as painless as we can.

For those going through a divorce, there will come a time when everything has to come out on paper. Basically, your finances will be taken apart and scrutinized by the other party and/or the court to determine where you stand and how much child support you should pay (or are entitled to receive).

This can sometimes be one of the most important papers in your divorce file. But it’s a pain to fill out, even if you have a divorce lawyer doing the heavy lifting for you. After all, your attorney doesn’t know your full finances and it will be your job to dig through papers, bank accounts and brokerage accounts to determine what your assets and liabilities are.

It’s about as much fun as filing your tax returns. And actually very similar to that process.

As with any affidavit, it’s executed under oath. So you can’t lie. You need to be brutally honest and you need to do your homework to make sure that you’re financials are accurately reflected.

So in summary, here are our three points to take home regarding financial affidavits:

1. Don’t make an estimated guess. Try to be accurate. This could affect the amount of support required under the divorce decree.

2. Don’t hide assets or lie. Since an affidavit is under oath, it’s called “perjury” if you lie on the affidavit.

3. Don’t rely on your divorce lawyer to do this for you. Only you know your finances.

Good luck!

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