Financial Affidavits Are Key to a Fair Divorce Settlement

June 27, 2012

Financial Affidavits Are Key to a Fair Divorce Settlement

For couples going through a divorce in Arizona, financial affidavits are an easily overlooked but extremely important part of the settlement process. A financial affidavit is an official document filled out individually by both spouses, laying out the details of their respective financial circumstances. The financial affidavits provide a detailed inventory of each spouse's income and expenses, as well as his or her debts and assets.

The process of completing a financial affidavit, formally referred to in Arizona as an Affidavit of Financial Information, may seem deceptively simple -- but tracking down the exact numbers can be surprisingly tricky, and sloppy guesswork can come at a high price. In an Arizona divorce, a couple's financial affidavits provide the basis for important decisions about property division, child support and alimony, also known as spousal support. Therefore, inaccuracies in either spouse's financial affidavit can lead to a skewed and unfair divorce settlement that could affect your finances for years to come.

It's All in the Details

The most important thing to remember when completing a financial affidavit is that the details matter -- a lot. As difficult as it may be, resist the urge to estimate and instead take the time to track down the exact numbers necessary to create an accurate profile of your finances: Go through your receipts, financial statements, tax records and bills to make sure that nothing is unaccounted for. While this can sometimes require great patience and perseverance, your financial future may depend on it.

Aside from your own economic wellbeing, another reason to be thorough and accurate when preparing your financial affidavit is that it is prepared under oath, meaning that you must swear that it is accurate and complete to the best of your knowledge. A person who intentionally provides false information on a financial affidavit can be charged with perjury. If you discover an error or omission after completing your financial affidavit, or if you experience a change in your economic circumstances, be sure to update your affidavit right away.

For assistance preparing a financial affidavit or to learn more about the divorce process in Arizona, contact a knowledgeable divorce attorney in your area.

Article provided by Viles Law Office, LLC
Visit us at http://www.vileslawoffices.com/