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Preparing a Financial Statement for Your Divorce

Family finances can often be a source of contention for all couples, even if they’re happily married. If a couple decides to pursue a divorce, the issue of money can become even more controversial, and is often the main point of conflict during the divorce process.

The courts frequently require each partner to file a financial affidavit, commonly known as a Financial Statement, when filing for divorce. This legal document outlines the couple’s current financial situation including assets, liabilities, incomes and expenses.

It’s important that each party provides accurate, detailed information on the Financial Statement. However, mistakes are becoming increasingly common due to the complexity of the form. Failing to provide truthful information regarding the family finances can be problematic for both parties. Both partners are required to swear under oath that the information listed in the Financial Statement is true and correct to the best of their knowledge.

Completing a Financial Statement can be much more complicated than it sounds, especially if you’re attempting to fill it out your own. This is one of the many aspects in the divorce process where having an experienced divorce lawyer on your side may prove to be very beneficial. For example, a party may be required to file a long form Financial Statement when asking for deviation from a current child support order. This action is necessary when a party seeking alimony wants certain expenses, although not currently paid by the opposing party, to be considered.

It’s important for anyone seeking a divorce to know that a thorough and accurate Financial Statement can make or break a request in a hearing. Therefore, you’ll want to get it right the first time. Working with a divorce lawyer in preparing your Financial Statement may dramatically increase the likelihood of submitting an accurate document that will give you the greatest chance for success for monetary requests.

For more information about filling out and submitting a Financial Statement or for your unique family law situation, contact the attorneys at Alperstein & Diener.