What is the purpose of the Financial Affidavit?
The Financial Affidavit, which is required in majority of family law matters, seems to be a simple document. You fill in the assets and liabilities you have and have your statements notarized. This document can be crucial in determining child support, alimony and any other type of support the court deems necessary. It is important when this document is filled out that the information is accurate and is updated if the financial situation has changed.
Short Form vs. Long Form
In the State of Florida there are two types of forms: the short form and the long form. The short form is used when the individual filing has a gross income UNDER $50,000 per year. On the other hand, the long form is used when an individual has a gross income of $50,000 OR MORE per year. The ramifications of filing the incorrect form out may have devastating impact when it comes to child support and alimony.
Anytime I have a dissolution of marriage case and a client has a high net worth I automatically advise (and most instances require) my client to speak to a financial advisor. I do this to make sure my client is protected financially and there well-being after the dissolution of marriage is looked after