In legal proceedings, participants should present a sworn statement to claim something in court. This may be something about their property, complaint, or any undertakings. An affidavit letter is…continue reading
Like other types of affidavits, every detail that you will be including in this affidavit should disclosed nothing but the truth, completeness and accuracy of all necessary informations or else you will be at risk being penalized for perjury, that is why before you submit your affidavit to any notary or before you sign this affidavit, you should double check everything if you what you have written are the correct and true statements and information. It is easier to double check the information that you have written than to be penalized for perjury, that’s why ensure that everything is right and correct to avoid discrepancies.
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What Is a Financial Affidavit?
A financial affidavit is a legal document that details the signer’s financial standing and circumstance. Like other affidavits, it is a sworn statement and can be used legally anytime you want whenever you need it. The signer affirms and represents that the contents that are written and indicated on the affidavit are true and a complete representation of the financial situation of the signer to the extent the situation is detailed in the affidavit. If you think that all financial affidavits contain the same information, well it’s not.
There are some affidavits that will be asking for different information depending on what type of financial affidavit you are making for and for the purpose of it, more or less financial information may be required. Since the purpose of the form is to provide the court a picture of financial circumstances, there are instances, that the form will be asking informations about who are living in the household, who else you are still financially responsible for, sometimes it may also ask for information about the income and obligations of other people who are in the household, like the spouse.
But as a general rule, income revenue is considered as essential when calculating a child support obligation, where expenses are most of the time not. Consequently, a financial affidavit in a child support proceeding, may no longer be requiring a detailed list of your debts and expenses. While if it is for a bankruptcy financial affidavit, it looks at your entire financial situation, and may require more information. A financial affidavit will be identifying the following elements:
- Affiant – the person who will be making the affidavit
- Employer – the name and address of the person or company that is employing the affiant
- Sources of Income – all sources of income of the affiant, this will be including the rental, investment, self-employment, unemployment or disability income
- Salary deductions – this is the monthly deductions from the affiant’s salary, and may include the federal income tax, social security, state income tax, medicare, health insurance and many other more
- Monthly expenses – this covers the monthly household expenses and liabilities for the affiant, specifically the mortgage payments, utilities, gas, automobile insurance, property taxes, rent and many other more.
This type of information may vary slightly based on the reason for the affidavit and the jurisdiction. Financial affidavits are also sometimes referred to as, financial statement affidavit, financial disclosure affidavit, financial affidavit for support, family law financial affidavit, affidavit of financial information and confidential financial affidavit. Are you looking for a template of a financial affidavit? Download our financial affidavit templates listed above for you to use anytime without any hassle of creating one, just add the necessary information that is needed, review and you can get it notarized and use it as your legal document already.
Common Uses of a Financial Affidavit
Financial affidavits as stated above can be used in a variety of legal situations where a court will be needing to take a look into your finances in order to resolve a child support allocation, divorce settlement and even in some criminal cases.
How To Create a Financial Affidavit?
Financial affidavits might sound like they are very hard to make because of all the informations that you need to fill up, but it doesn’t have to be that hard like what you imagined, actually there are a lot of forms that are available online and that you can download and just fill in all necessary information that are needed for the type of financial affidavit. Here are also some tips on how you can properly write your own financial affidavit:
1. Identify what you should include in a financial affidavit
Like all other affidavits, the financial affidavit also includes personal information such as your name, address, phone number, social security and date of birth. But depending on the purpose of your affidavit, it will ask for the following information: income, other sources of revenue, assets, debts and expenses which will be detailed below with their examples.
- Income – salary, wage, commission, overtime, alimony, tips and bonuses
- Other sources of revenue – government assistance, rental income, dividends, pension, retirement income
- Assets – home, real estate, family heirlooms, electronics, computer equipment, jewelry, vacation homes, boats, cars, snowmobiles, inheritance, stocks, bonds, investment portfolios and other items of value
- Liabilities or debts – loans, second mortgages, lines of credit, personal loans, student loans, credit card debt and tax debts
- Expenses – court ordered child support, court ordered alimony, bills associated with running a household.
2. Identify the purpose of the affidavit
Your financial affidavit will be depending on its purpose. Before filling out one, you have to be sure and clear that you know the purpose of this in order for you to be able to recall all pertinent details about your finances. Financial details that will be needed to disclose in the affidavit can be more or less depending on how it will be used and the purpose of it.
3. Identify the affiant and write a sworn statement
Like all other affidavits, identifying the affiant is one of the most important and basic elements of any affidavit. The affiant for a financial affidavit is the one who will be declaring their financial situation. You have to ensure that you are verifiable and personal information should be included and everything is true and correct. You also need to include a statement of truth in your affidavit in order to attest to the truthfulness of the details that you have provided. Make sure everything is true and correct, to avoid being held liable for perjury or any other discrepancies.
4. Fill up the necessary informations that are needed
After acquiring your own financial affidavit, you have to ensure that you have answered each question and you have filled out all of the pages. If there are certain questions that do not apply to you, write “None” or “O”. Fill out the form completely, double check all information that you have filled up to avoid problems, lastly do not sign it yet as you have to take it to a notary, a lawyer or the court clerk. You will be swearing in front of them that all the information that you wrote is nothing but the truth, and after you can now sign it and the other person will sign as your witness.
5. File in the court
After signing your financial affidavit, you can now go to the court and file your financial affidavit. Once it is signed, it is now considered as a legal document.
If I’m required by the court to fill out a financial affidavit, do I really have to be completely truthful about everything that I own?
Yes, since the financial affidavit is a legal document, you have to swear that all information stated is true and correct. On the other hand, lying or failing to disclose all your assets on the financial affidavit can result in perjury charges. Perjury carries both civil and criminal consequences.
What if I don’t earn much money and I badly need help to pay my court fees? You will need to fill out a form called Application for Waiver of Fees
You should keep in mind that when a financial affidavit is requested, remember that the court will need it in order to make a just and fair decision that can affect you financially. Failing to comply with this requirement could result in either of the following:
- You will be needing to testify under oath and in person you will be answering all questions pertaining to your financial circumstances
- The court will likely assume about your financial circumstances and base their decision on their assumption
- You will not be able to obtain the service of relief you are requesting from the court
What is the main purpose of acquiring a financial affidavit?
A court mandated financial affidavit will be used in order to take a look at your finances that tackles your spousal or child support obligations, bankruptcy, settlements and even in some criminal cases.
Financial affidavits are a simple and legal document but are really not that easy to make. Making sure that you know what’s the purpose of the affidavit, details that were added are true and concise, and the form itself is free from errors. If you fail to disclose any necessary and important information, you are at risk of being charged with perjury that carries both criminal and civil consequences. Are you looking for financial affidavits templates that you may use and just fill out the necessary information? Download our templates now!