What Is a Financial Affidavit
A financial affidavit is a sworn, notarized statement of your complete financial picture. It lists your income, expenses, assets, liabilities, and monthly living costs. You sign it under oath, meaning you're legally liable for accuracy. Courts require both spouses to file one in most divorce cases to establish factual financial information for property division, spousal support, and child support calculations.
The form itself varies by state. Florida uses a detailed two-page form (Family Law Form 12.902(b) for simplified cases, or (c) for regular cases). New York requires a Statement of Net Worth. California uses Schedule of Assets and Debts. Some states require you to file it with your initial pleadings; others ask for it during discovery. Either way, it becomes part of the court record and can be used against you if information is inaccurate or incomplete.
What Must Be Included
- Income sources: Wages, salary, bonuses, self-employment income, rental income, investment returns, retirement distributions, and alimony or child support from other relationships. Courts typically look at the past 12 months and annualize it.
- Monthly expenses: Mortgage or rent, utilities, groceries, insurance, childcare, healthcare, car payments, credit card payments, and attorney fees. Be realistic here,judges review these closely.
- Assets: Real estate (with estimated fair market value), vehicles, bank accounts, retirement accounts (401k, IRA), stocks, bonds, business interests, and personal property of significant value.
- Liabilities: Mortgages, auto loans, credit card balances, student loans, and any other outstanding debts. List the creditor, account number, balance, and monthly payment.
Critical Timing and Consequences
Filing deadlines vary by state and case type. In most jurisdictions, you'll file it within 30 to 60 days of starting the case or responding to a divorce petition. Missing the deadline can result in sanctions, contempt charges, or default judgment against you.
Courts use the financial affidavit to determine child support using state guidelines. In Florida, for example, combined parental income under $30,000 monthly uses a statutory calculation; above that, judges have discretion. For spousal support (alimony), the affidavit shows income disparity and need. In property division, it identifies all marital assets subject to equitable or community property distribution.
Inaccuracies create serious problems. If you understate income, you'll owe back support plus penalties. If you hide assets, the other party can request a reopen of the settlement, and you may face perjury charges. Courts routinely cross-check affidavits against tax returns, bank statements, and employer verification.
How It Differs from Financial Disclosure
A financial disclosure is similar but typically less formal. Financial affidavits are sworn statements; disclosures may not be. Affidavits are required court documents; disclosures happen during discovery as part of the information exchange. Many divorce cases require both.
Common Questions
Do I list my separate property on the financial affidavit?
Yes. Even property you owned before the marriage or received as a gift or inheritance must be disclosed. The judge needs the complete picture to decide what's marital property versus separate property. Hiding separate assets raises red flags about whether other disclosures are truthful.
What if my income changes during the divorce?
Document it. If you've been unemployed or underemployed, provide evidence like job search records or medical documentation. If you got a raise or new job, disclose it immediately. Courts view post-separation income changes differently depending on whether they're voluntary or involuntary. Deliberately taking a lower-paying job to reduce support obligations is viewed as bad faith.
Who reviews my financial affidavit?
Your spouse's attorney, the mediator or judge, and potentially a child support evaluator. The other party can challenge it with their own evidence. If discrepancies appear, you may be required to testify about them in court or at a hearing.