Going through a divorce is an emotional, traumatic and even expensive situation. One of the most important parts of the process is each party's financial statement, which is required in all contested and some uncontested divorces.
Your financial statement, or affidavit, is a formal document that goes into your financial details, including income, expenses, assets and debts. Both spouses must fill out this statement and share it with the courts, and with each other. The purpose of this is to give the courts a clear understanding of a divorcing couple's financial situation.
It sounds like a straightforward and even simple process — income, assets, debts — but in reality it is a complicated endeavor. Making it more complicated is the fact that your financial statement is an absolutely vital part of your divorce that helps to determine your divorce settlement agreement. The court will use your financial statement to rule on alimony, division of property, child support and other financial considerations.