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Why is a financial affidavit requested during divorce?

As Delaware couples begin the divorce process, they will need to fill out forms and provide evidence related to various aspects of their life. One of the most important forms they might need to submit is the financial affidavit.

What is the definition of a financial affidavit?

For the purpose of divorce, a financial affidavit is a form that provides financial information related to each spouse’s situation and is shared with both the court and the other spouse. It is a notarized document in which you swear that all the information is accurate and correct. If you lie or intentionally provide incorrect information, you can have legal repercussions, including possible jail time.

What information should be included in a financial affidavit?

Since the whole of your financial situation should be shown in a financial affidavit, there is a variety of information you will need to list. This includes:

  • Income information
  • Assets and debts
  • Expenses
  • Assets belonging to your children
  • Information about your health insurance

Additionally, you will also need to provide evidence for the information you include in the affidavit, such as pay stubs, bank statements and property titles. Each spouse must complete their own financial affidavit as part of the divorce process.

How is the financial affidavit used during the divorce process?

A major part of the divorce process involves the financial settlement. This includes the division of assets, child support and alimony and the financial affidavit will be considered when the court makes a decision. It can also be used to determine how the costs of the divorce will be divided between the spouses.

In most divorce cases, the court will require a financial affidavit from each spouse, particularly when there are minor children involved. However, if the couple has no minor children and neither spouse contests the divorce and they reach an agreement in all aspects, an affidavit might not be required.