Financial Affidavit

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 4,846 reviews

Jump to Section

Need help with a Financial Affidavit?

CREATE A FREE PROJECT POSTING
Post Project Now

If you have ever dealt with a family lawyer or estate planning lawyer, you have probably heard the term financial affidavit mentioned at least once. There are different types of financial affidavits and different states use different names for the document. To better understand what a financial affidavit is, you must understand what it is, when it is used, how it is used, and the purpose of a it.

What Is a Financial Affidavit?

Though legally binding, a financial affidavit is not a written contract or a signed contract. A financial affidavit is a written statement that shows your income, expenses, assets, and liabilities. A financial affidavit is a complete picture of your financial situation at the time that you (the affiant), signs the document. Financial affidavits are presented to courts under oath.

There are different types of financial affidavits, and the affidavits are sometimes referred to as a different name. Following are a few types of affidavits.

  • Affidavit of domicile
  • Affidavit of heirship
  • Affidavit of marriage

Different names that a financial affidavit is referred to are as follows:

  • Statement of financial affairs
  • Financial statements
  • Net worth statements

Here is an article to help understand financial affidavits.

What is The Purpose of a Financial Affidavit?

The purpose of a financial affidavit is to provide the court with an explanation of the affiant’s financial circumstances. Without a clear picture of a person’s financial situation, it would be hard for a court to make determinations and issue court orders relating to property distribution. A well-prepared financial statement will help bolster a party’s credibility with the courts.

Financial affidavits are used in different situations, such as domicile related cases, divorce cases, business related cases, and estate planning related cases, just to name a few. In each of these situations, courts need to know the financial circumstances of the parties involved.

Following are brief explanations of the previous affidavits mentioned:

Meet some lawyers on our platform

Zachary J.

82 projects on CC
View Profile

Matthew S.

10 projects on CC
View Profile

Amber M.

1 project on CC
View Profile

Kendall C.

1 project on CC
View Profile

Affidavit of Domicile

An Affidavit of Domicile is a short legal document that helps to establish a person’s place of residence following his or her death. The affidavit of domicile is primarily used in probate court. Probate court is the court that helps distribute the decedent’s property to his or her heirs.

Affidavit of Heirship

An Affidavit of Heirship is a sworn statement that heirs can use in some states to establish property ownership when the original owner dies intestate. Affidavits of Heirship is generally used when the decedent had a small estate and only left real or personal property.

Affidavit of Marriage

An Affidavit of Marriage is a document that is submitted to a court, University or other institution in order to verify that a person is married. Verification of marital status might be needed to get health insurance, get a passport, visa, or other government related documents.

Financial Statements

Financial statements are written records that convey the business activity and financial performance of a company. Financial statements include the following:

  • Balance Sheet
  • Income Statement
  • Cash Flow Statement

If one of the parties owns a business or has a financial interest in a business, financial statements can be requested by a court in a divorce case and other cases.

Here is an article that explores the purpose of financial affidavits.

ContractsCounsel Financial Affidavit Image

Image via Pexels by Mikhail

When are Financial Affidavits Required?

A financial affidavit is required when the courts need to determine the financial situation of a party involved in a case. Example, if you are a party in a divorce, child support, or spousal support related case, a Domestic Relations Financial Affidavit needs to be completed. The financial affidavit is supposed to state the true financial picture of the affiant.

Your lawyer will inform you when a financial affidavit is required. In the following circumstances, a financial affidavit is required.

  • On the date of divorce
  • On the case management date
  • In connection with any pendente lite or post judgement hearing
  • Depending on the judge and the circumstances, a financial affidavit may be required in connection with a contempt hearing

Financial information shown on the affidavit shows whether property is marital (subject to division by the spouses), or separate, which belongs to the spouse who brought the property into the marriage. A financial affidavit must also include information about inheritances, gifts, or large sums of money received by the affiant.

Here is an article related to when financial affidavits are required.

What Does a Financial Affidavit Include?

Relating to a divorce or child support case, a financial affidavit must include the following information:

  • Docket number and name of the case, including the names of both parties
  • Your income from all sources, including overtime, bonuses, social security, tips, interest, other spousal support, and commissions
  • Expenses, including home expenses, even if both spouses are responsible
  • Any inheritances, gifts, or money damages received as a result of a court case
  • Deductions that you take on your taxes
  • Names of children, their ages, and their expenses
  • Extraordinary expenses, such as tutoring, cost of transporting a child to an out-of-district school, and the cost of the school itself
  • Health care costs, including out-of-pocket costs
  • Other insurance costs
  • Payments to maintain your professional license
  • Debts you pay and whether they’re in your name or in both spouses’ names, including credit cards, student loans, and the IRS
  • Assets, such as homes, cars, boats, stocks, retirement plans, antiques, or other collections

There are times when a financial affidavit requires that you attach your W2 form paystubs, and/or income tax return. As this is the case, you do not want to minimize your expenses or inflate your income. You also should not sign the affidavit until you take it to a Notary Public.

Here is an article related to the information that must be included in an affidavit.

How To Complete a Financial Affidavit

As each case is different, prior to preparing your financial affidavit, your lawyer should speak with you about your financial circumstances and a strategy behind preparing a financial affidavit in your case. You should carefully read the instructions, even if you are planning to have the lawyer, or someone else complete the affidavit for you.

If you are completing the financial affidavit, you should start by gathering the following documents:

  • Income Section : those documents may include recent pay stubs, profit and loss statements, and tax forms (W2s, K-1s, and 1099s).
  • Expense Section : those documents may include household bills, bank statements and credit card statements. The expenses reflected on a financial affidavit should be regular and recurring. One-time expenses such as new aluminum siding for the house should not be included on the affidavit.
  • Assets Section : those documents may include retirement account statements, capital account statements, appraisals, bank and investment account statements, stock award letters and vesting schedules.
  • Liabilities Section : those documents may include bills, statements or notes.

After you have gathered the necessary documents, the next step is to calculate your monthly expenses. Your calculations should be as precise as possible. Once the calculations have been completed, provide the calculations and relevant documents to your lawyer. Your lawyer will then arrange the information in a format that is approved by the court in which your case is pending.

This article relates to how to complete a financial affidavit.

Get Help with a Financial Affidavit

Do you need to create a financial affidavit and don’t know where to look? Most family or estate planning lawyers can help you prepare this document.

Post a project in ContractsCounsel’s marketplace to receive free bids to prepare a financial affidavit. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Financial Affidavit Lawyers

Mathew K. on ContractsCounsel
View Mathew
5.0 (2)
Member Since:
February 2, 2022

Mathew K.

Founding Attorney
Free Consultation
Illinois
8 Yrs Experience
Licensed in IL
DePaul University College of Law

Kerbis' practice includes business and real estate transactions, estate planning, and limited scope litigation consulting. Mathew has negotiated deals involving multinational corporate franchises and has collectively helped hundreds of clients with their transactional, civil litigation, and appellate legal needs. Throughout his tenure as an American Bar Association leader, Mathew has advocated for legal education reform, interviewed ABA Presidents and State Appellate and Supreme Court Justices, and lobbied Congress on behalf of the legal profession. As a law student, Mathew served as an extern for the Honorable Justice Robert E. Gordon of the Illinois Appellate Court, First District.

Tina R. on ContractsCounsel
View Tina
5.0 (13)
Member Since:
February 17, 2022

Tina R.

AGC
Free Consultation
Arlington, VA
16 Yrs Experience
Licensed in DC, IL, VA
Loyola University Chicago

15 years for legal experience; expertise in contracts, healthcare, ERISA, physicians, financial services, commercial contracts, employment agreements, etc. I am adept at all contracts and can provide you with efficient and quality services. I have worked at a law firm, financial services company, consulting ,and non-profit.

Craig Y. on ContractsCounsel
View Craig
5.0 (3)
Member Since:
February 9, 2022

Craig Y.

Partner
Free Consultation
New York
27 Yrs Experience
Licensed in NY
New England Law - Boston

Craig E. Yaris is a partner at Parlatore Law Group, with the experience and drive to handle all your Franchise, General Business Practice, and Mediation needs. As a former small business owner and Chief Operating Officer of a franchisor himself, Mr. Yaris is passionate about promoting business growth. He has experience handling daily operations, employee disputes, and negotiations of pertinent contracts for a franchise company with 100 locations in five states, where he organized and conducted semi- annual meetings to educate and inform franchisees of best practices for improved growth. In addition, Mr. Yaris was responsible for the preparation and filing of the UFOC (Uniform Franchise Offering Circular) in several states and is well-versed in business formation. Between his time as Franchisor and Conflict Resolution Specialist, Mr. Yaris was the Co-Founder and Chief Operating Officer of an online company whose goal was to help inform marketers and business owners of the fast-paced and ongoing changes within their specific verticals. This experience helped him hone his research and writing skills and prepared him for the cloud-based aspects of Parlatore Law Group. Mr. Yaris also has extensive experience in public speaking, as he has planned and delivered several keynote addresses and educational seminars for many New York-based organizations, and as a Continuing Education Instructor for Hofstra University. Prior to joining Parlatore Law Group, Mr. Yaris worked as a Patient Advocate, and more recently, a Conflict Resolution Specialist, where he mediated and resolved disputes on behalf of patients with insurance companies. In this role, he negotiated for coverage of previously denied medications and medical procedures as well as successfully mediated disputes between individuals and business partners which would have otherwise resulted in protracted litigation. In addition, he has experience mediating employer and employee disputes as well as helping resolve family conflict. He has also studied and attended many Non-Violent Communication (NVC) workshops and strives to bring these tools and methods to all of his mediations. His variety of experiences speak to his ability to handle small business needs at all stages of business growth and development. Mr. Yaris also has experience with business growth and development, as he has worked with several small business on creating and implementing strategies for steady growth. In addition, to spending time with family, Mr. Yaris volunteers his time helping spread the message of the ACLU and he supports many local charities focused on families and children. He is admitted to practice in New York.

Antoine D. on ContractsCounsel
View Antoine
Member Since:
February 8, 2022

Antoine D.

Owner
Free Consultation
Fort Lauderdale
7 Yrs Experience
Licensed in FL
Howard University School of Law

In his firm, Talented Tenth Law, Antoine focuses on helping people maximize their protection and prosperity in the courtroom and the boardroom. His firm’s services include representing people in lawsuits involving breach of contract, many types of civil lawsuits and helping business owners win government contracts among other things.

Tom L. on ContractsCounsel
View Tom
Member Since:
February 8, 2022

Tom L.

Managing Member
Free Consultation
Houston
16 Yrs Experience
Licensed in TX
Louisiana State University Law Center

Tom is a former chief legal officer of public and private companies. He has extensive experience in mergers & acquisitions, commercial transactions, joint ventures, finance, securities laws and general corporate law across a broad range of industries, including construction, consumer products, e-commerce, energy and healthcare. As an attorney who practiced at two different Top 50 international law firms, he can deliver "Big Law" service at a competitive price. Prior to becoming a lawyer, Tom served as an officer in the U.S. Army and attained the rank of Captain. He served a tour in Iraq where he led a reconnaissance platoon and was awarded the Bronze Star Medal.

Amy P. on ContractsCounsel
View Amy
Member Since:
February 10, 2022

Amy P.

Principal Attorney
Free Consultation
Edmonds, WA
19 Yrs Experience
Licensed in WA
The University of Montana School of Law

Amy has served as outside general counsel and litigator to established businesses throughout western Washington since 2010. Her passion and focus is providing the best possible representation for clients in the construction, transportation and hospitality industries.

Jacob O. on ContractsCounsel
View Jacob
Member Since:
February 15, 2022

Jacob O.

Contracts Manager
Free Consultation
Iowa City
3 Yrs Experience
Licensed in MO
University of Iowa - Law

I am bar certified in the lovely state of Missouri. I received my J.D. from The University of Iowa College of Law (2019) and my B.A. in Political Science from BYU-Idaho (2015).

Find the best lawyer for your project

Browse Lawyers Now

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call