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A Guide to Preparing a Financial Statement for Your Divorce

Money is a hot topic of discussion for almost every couple, even if they’re happily married. If a couple decides to call it quits and pursue a divorce, then the issue of money can become even more controversial, and is often a central point of contention in the divorce proceedings.

More often than not, the courts will require each partner to file a financial affidavit, commonly known as a Financial Statement, when filing for divorce. This legal document showcases the couple’s current financial situation, including assets, liabilities, incomes and expenses, and offers insight for potential outcomes related to the divorce hearing.

It’s critical for each spouse to provide accurate, detailed information on a Financial Statement, yet mistakes are becoming increasingly common due to the complex requirements. Failing to provide truthful information regarding the family finances is not only problematic, it’s also against the law. 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.

You’ll be asked to document every financial aspect of your life across multiple categories. More obvious components such as mortgages, car payments and school tuitions are all included, but so are categories that may seem trivial, such as household items, incidentals and hair care.

Completing a Financial Statement can be much more complicated than it sounds if you’re attempting to do it on your own. This is just one of the many areas in the divorce process where having an experienced divorce lawyer on your side may prove to be extremely beneficial. For example, in certain cases, a party may be required to file a long form Financial Statement when asking for deviation from a child support guideline. In addition, this action is necessary when a party seeking alimony argues to the Court that certain expenses, although not currently paid by a party, should be considered. Divorce lawyers are also more knowledgeable when it comes to the regulations affecting a specific state and its courtroom procedures.

It’s important for anyone seeking a divorce to know that a thorough 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 dramatically increases the likelihood of submitting an accurate document that will give you the greatest chance for success in the monetary requests you’re making.

For more information about preparing a Financial Statement for a divorce, contact the family law attorneys at Protokowicz & Rodier, P.A.

 

The content of this article is intended to provide a general guide about the subject matter. A licensed Maryland attorney should be sought about your specific circumstances.