Going through a divorce and your attorney just handed you “Domestic Relations Financial Affidavit” to fill out? The idea of filling out a Domestic Relations Financial Affidavit does not sound so bad, although it can be time consuming, if one makes it to be. This article highlights the basics of the “Domestic Relations Financial Affidavit.” If you have any questions in regards to your “Domestic Relations Financial Affidavit”, contact your local family law attorney today.
Ins and Outs of “Domestic Relations Financial Affidavit”
When dealing with contested divorce, each spouse will be required to file a “Domestic Relations Financial Affidavit.” The affidavit expressly lists out how much you earn, how much you spend, how much is the monthly income, and how much you owe. By filing out the affidavit, the Court gets an opportunity to have a “snapshot” of the couple’s financial status. The information provided under the “Domestic Relations Financial Affidavit” is made under oath. This may sound rather simple, however it can become complicated if not done accurately. Determining the accurate figures of expenses, assets, liabilities, and income is rather an arduous task. Nonetheless, it is essential to fill out the affidavit to the best of your abilities, as it is part of the final divorce settlement agreement and Courts use it to decide the child support, alimony, and property division.
Before filing out a Domestic Relations Financial Affidavit, one should consider the following:
Where Can I find the Financial Affidavit?
The affidavit can be found by clicking on the link below. A hard copy of the Affidavit can also be requested from the Clerk of the Court in the county with the pending case. Below is the link to a sample Domestic Relations Financial Affidavit: https://www.fultoncourt.org/family/forms/dr_financial_affidavit.pdf
When Should I fill out the Financial Affidavit?
The Financial Affidavit should be filled out as soon as possible so your attorney gets the chance to quickly review and file it with the Court fifteen (15) days prior to the temporary hearing.
How do I fill out the Financial Affidavit?
Personal Information Section
This section asks for basic information from the party filling out the form. It asks for party’s name, date of birth, address and the state. Further, spouse’s basic personal information including name, date of birth, address, and state is to be provided. Lastly, the date of marriage, date of separation, and if minor children are involved, then name and birth dates of children involved is to be also stated.
Employment and Income Section
This section asks for employment history including the place of employment, number of exemptions claimed, and pay period. Lastly, if the person filling out the form expects to be unemployed or change jobs in the future, how the change will affect the income will be required.
Summary of Income and Expenses
This section asks about a gross monthly income, net monthly income, and total income taxes, and expenses. It is recommended that this section be filled at the end. Try not to leave any portion of this section blank. If something is not applicable, you can put N/A or $0.00.
The figures should be calculated on good faith basis. . Whenever possible, use averages. If you are unsure, put in estimates. Your attorney does not require you to produce individual bills for every item, however do be sure that you can justify the amount you enter. Regardless, majority of the forms will ask you for average monthly amounts.
- Gross Monthly Income: To determine the gross monthly income, insert dollar amount for income earned or unearned from any source. Once the dollar amount is determined, then sum up all the sources of income to come up with total gross monthly income.
- Benefits of Employment: Insert the dollar amount for all the benefits of employment not deducted from salary or wages. Under this section, automobile, medical/dental expense benefits, retirement and stock contribution is to be calculated. After calculating each employment benefit, sum up all the sources of employment benefit to come up with the total dollar amount of employment benefits.
- Net Income: To calculate the net income, calculate federal and state taxes, FICA, and self-employment tax if applicable. Determine the net monthly income after deducting the taxes described above. Additional deductions may be deducted from the wage.
- Average Monthly Expenses: To calculate the average monthly expenses, calculate all the necessary expenses including household expenses, automobile expenses, children expenses, and other necessary expenses. Keep in mind children expenses section is only applicable to children under the age of eighteen (18). Once all the expenses are calculate, next sum up the amount and fill the amount under the total monthly expenses.
- Payment to Creditors and Assets: Under this section, list all the money owed to the creditor including credit card payments, car payments etc. Sum up all the amounts to determine the total monthly expenses and payments made to creditors. Lastly, list all the assets.
Once you have completed all the sections, go back to page two (2) of the affidavit and complete the summary of income and expenses. It is highly recommended that after filling out the document, you thoroughly review all the information provided. Keep in mind; the form should be made under oath by a signed affidavit. If you have any questions, don’t hesitate to contact our office at 770-609-1247.
