When filing for divorce in New Jersey, a financial affidavit is one of the most important documents required. How you fill out this statement can influence the resolution of all financial matters in your divorce. Please continue reading as we explore what you should know about financial affidavits, their relevance in your divorce, and why connecting with our experienced Middlesex County Divorce Lawyers is in your best interest.
What is a Financial Affidavit?
If you are facing a divorce in New Jersey, a key document you and your spouse will need to submit is a financial affidavit. This legal document is a statement that outlines all of the specific details of each party’s income, expenses, assets, and liabilities. The information included in the affidavit will guide settlement negotiations. You will need to provide accurate descriptions of the following information to ensure you are abiding by the law when filling out a financial affidavit:
- Income: All income sources, including salaries, bonuses, investments, and other earnings.
- Assets: Information about all of the property and assets you possess, like real estate, vehicles, retirement accounts, bank accounts, stocks, etc.
- Expenses: Every monthly expense, such as housing, utilities, groceries, child care, and insurance.
- Debts: All liabilities like mortgages, credit cards, auto loans, student loans, and more.
Essentially, this document provides a comprehensive picture of each spouse’s financial circumstances for the court to determine spousal support, child support, and property division. It’s important to note that both parties are obligated to keep their affidavit up-to-date and disclose all changes.
Why Are Financial Affidavits Relevant During Divorce?
When you and your spouse decide to go your separate ways, you will both be required to submit a financial affidavit. As noted above, these documents set the tone for the outcome of all financial matters related to the divorce. That said, maintaining accuracy in a financial affidavit is crucial.
New Jersey courts heavily rely on the information provided in these statements to make fair and informed decisions regarding spousal support, child support, and property division. Inaccurate information can significantly impact the court’s assessment of a party’s financial situation and may lead to an unjust division of assets or an inappropriate determination of support obligations. You should note that deliberately providing false information in a financial affidavit can lead to serious legal consequences, including fines or even perjury charges.
Navigating the complexities of a divorce can be overwhelming, especially when it comes to financial matters. As such, it’s in your best interest to contact a seasoned attorney from Arndt, Sutak, & Miceli, LLC who can provide the guidance and support you need during this challenging time. Connect with our firm today to learn how we can help you secure a favorable outcome.
