A financial affidavit is a legal document detailing the signer’s financial circumstances. It’s common for divorced spouses to fill it out during divorce proceedings so the court can calculate spousal or child support.
The sworn statement details your income, assets, debts, expenses, and other financial obligations. The signer must sign this form before a notary public to legitimize it.
What Else Will I Need to Submit With My Affidavit?
Depending on the information you’re reporting, you may need to submit the following documents with your affidavit:
- Most recent income tax returns
- Most recent pay stubs or other proof of income)
- Most recent bank statements
- Other documents supporting your claims
What to Include in a Financial Affidavit Form
Here are the elements you should include in your financial affidavit form:
- General Information: List the general information of the affiant (the person making the sworn statement). This information includes their name, address, date of birth, and Social Security Number.
- Monthly Income: Provide the monthly income you generate through traditional employment and other sources.
- Monthly Expenses: Include your fixed monthly expenses.
- Assets and Debts: List your assets, debts, and liabilities.
- Other Financial Information: Provide supporting financial information, including tax returns, business financial statements (if applicable), pending legal/financial obligations, and pending lawsuits/claims.
- Affirmation and Signature: Confirm the accuracy of the information you provided and sign your name.
Please note that the type of information you must provide will vary slightly depending on the reason you’re filling out the form and your jurisdiction.
When Is a Financial Affidavit Needed?
Here are some circumstances when one or more individuals may need to fill out a financial affidavit:
Divorce Proceedings
A financial affidavit may be necessary during divorce proceedings, as the court may want to better understand each party’s financial situation. This information can help the court decide on matters like property division, alimony, and child support.
Child Support and Custody Cases
A court may request a financial affidavit from each parent to analyze their resources and needs. This way, they can determine the ideal child support and custody arrangements.
Even in child support cases where the parents were never married, courts may rely on a financial affidavit to allocate each party’s financial responsibility to support a child.
This document can also be useful if one or both parents want to pursue child support modification.
Alimony Cases
Even though alimony is most common in a divorce, other situations may arise that call for it. For example, the annulment of a marriage, a couple’s legal separation, the end of a cohabitation arrangement, or the dissolution of a civil union may all result in alimony.
When the court has financial affidavits, it can more easily assess each partner’s financial circumstances.
Pre-Nuptial or Post-Nuptial Arrangements
Both spouses can fill out a pre-nuptial or post-nuptial agreement to ensure they clearly understand each other’s financial situation before making decisions about the division of assets or spousal support in the event of divorce.
Bankruptcy
A bankruptcy court may also request a financial affidavit from someone experiencing bankruptcy. As with family law matters, courts review your assets and debts, income, and expenses to choose the appropriate way to resolve a bankruptcy matter.
Legal Aid Requests
A financial affidavit may be necessary if you apply for legal aid or a public defender’s services. The U.S. Constitution guarantees legal representation in criminal cases, even if you can’t afford an attorney [1] . In this situation, a court may ask you to provide financial information to determine whether you qualify for an attorney paid for by the state or county where the alleged crime occurred.
Consequences of Not Having a Financial Affidavit
Whenever a court requests a financial affidavit, you should remember that the court needs this information to make a just and equitable decision. Without an affidavit, you risk opening yourself up to several issues:
- It becomes challenging to accurately assess a person’s income, expenses, assets, and liabilities.
- It leads to questioning your transparency and willingness to provide accurate financial information.
- The division of assets could become unfair.
- You may experience delays or complications with legal proceedings.
How to Write a Financial Affidavit
Step 1 – Fill out Affiant Information
The affiant is the person making the sworn statement. Include your personal information, such as your full name, date of birth, address, and Social Security Number.
Step 2 – Add Employment Details
If you currently have employment, provide the following details about your position:
- Whether it’s full-time or part-time.
- Your title.
- The company that employs you.
- Your employer’s address.
- Your pay rate and frequency.
Name a secondary employer and indicate if you’re self-employed, if applicable.
Step 3 – Describe Other Income Sources
If you receive any other income sources besides your salary or wages, indicate them on your form. These sources outside your current employment could include child support, alimony, Social Security benefits, unemployment, rental income, or interest/dividends from investments.
Step 4 – Record Your Gross Income
Record your gross monthly income by adding up all your income sources. Your gross income should be from any source before you account for taxes and deductions.
Step 5 – Fill in Your Deductions
Your deductions are the figures you subtract from your gross income every month. Deductions can include the following:
- Federal & state income tax
- Social security
- Medicare
- Health insurance
- Union dues
- Mandatory retirement contributions
- Child support
- Life insurance premiums (to secure child support)
- Alimony/spousal support
State the amount in the affidavit if you have any of these as deductions in your monthly income. Once you know all your deductions, you can subtract them from your gross income to produce your net income. Record this figure in the appropriate blank.
Step 6 – Record Your Expenses and Assets
Examples of monthly expenses include:
- Household expenses: Rent or mortgage, real estate taxes, property or renter’s insurance, homeowner’s or condo dues, utilities, and groceries.
- Transportation expenses: Car payment, gas, car insurance, maintenance and repairs, public transit, and parking.
- Personal expenses: Insurance premiums, uninsured medical expenses, clothing, and childcare expenses.
- Loans and other debts: Student loans, car loans, and credit card payments.
Once you’ve added all your expenses, record the total in the affidavit.
You should also account for your assets, which are things you own that you can convert to cash. List them similarly to your expenses and include their total cash value.
| Category | Examples |
|---|---|
| Income | Salary; Hourly rate of pay; Commission; Overtime; Alimony; Tips; and Bonuses. |
| Other sources of revenue | Government assistance, such as food stamps; Rental income; Dividends; Pension; and Retirement income. |
| Assets | Home; Real estate; Family heirlooms; Electronics; Computer equipment; Musical instruments; Fur coats; Precious metals; Collections such as coin collections, stamp collections, or baseball cards; Jewelry; Vacation homes; Boats; Cars; Snowmobiles; Motorcycles; ATV’s; Motor home; Inheritance; Stocks; Bonds; Investment portfolios; Vacation time shares; Art; Antiques; and Other items of value. |
| Liabilities or debts | Loans; Second mortgages; Lines of credit; Personal loans owed to family or friends; Student loans; Credit card debt; Tax debts; and Judgments. |
| Expenses | Court ordered child support; Court ordered alimony; Bills associated with running a household. |
While the table above distinguishes between income and assets, not knowing whether something is an asset or payment is not as important as reporting the income or asset. If you are unsure if something is a debt, expense, or income instead of an asset, list it somewhere. The court can figure it out.
Step 7 – Sign Your Name
Sign your name before a notary public. The notary will confirm your identity and ensure you understand the purposes of signing the document.
What’s Next After Filling Out a Financial Affidavit?
Once you fill out a financial affidavit, you’ll submit it to the court or whatever party requested it. Give the requesting party time to review it and ask clarifying questions about the information you provided.
Then, court proceedings can begin. Depending on the situation, both parties may negotiate specific terms to decide on the fairest allocation of property, assets, alimony, or child support.
After court proceedings and negotiations, the court will likely administer a court order to which both parties must adhere. Both parties must remain compliant and respond to any updates or modifications.
Financial Affidavit Sample
Download our free financial affidavit form below in PDF or Word format.
Frequently Asked Questions
Do I Have to Answer All the Questions on a Financial Affidavit?
Be as thorough as possible when filling out a financial affidavit. Your transparency can prevent delays and show a court you have nothing to hide. Consult with an attorney if you think an affidavit is requesting information you’re not legally obligated to provide.
What Happens If I Lie on a Financial Affidavit?
Lying on a financial affidavit can result in any of the following consequences:
- Perjury charges
- Fines
- Probation
- Imprisonment
- Loss of credibility in a court
- Loss of legal remedies
What Happens If I Don’t Fill Out a Financial Affidavit Correctly?
You may face legal consequences even if you made an honest mistake when filling out your financial affidavit. Please address honest mistakes as efficiently as possible. Consult with your attorney on how to best handle the situation and correct the error.
How Do I Calculate My Monthly Income?
Add up all the income you regularly receive each month, including:
- Employment income
- Overtime and bonuses
- Self-employment income
- Rental income
- Investment income
- Pension/retirement income
- Social Security income
- Child support/alimony
Subtract your monthly expenses from your total monthly income to get your net monthly income.
How Do I Calculate My Monthly Expenses?
Add up the following expenses to calculate your total monthly expenses:
- Fixed monthly bills (utilities, rent, etc.)
- Housing costs (maintenance, HOA fees, etc.)
- Loan payments
- Transportation costs
- Groceries
- Health care expenses
- Child care expenses
- Debt repayment
- Entertainment/recreation
- Personal care
- Memberships and subscriptions
- Miscellaneous expenses