Accuracy of financial affidavits in New York divorce crucial

Posted By Michael R. Varble & Associates, P.C. || 24-May-2012

A financial affidavit in a divorce proceeding gives the court a quick glance at the family finances and includes information related to earned income, amount of expenses, and amount of debts and value of assets. Creating the information for this document, which is called a statement of net worth in New York, is a difficult process because it requires that all figures be completely accurate.

Indeed, accuracy is imperative for the court and the individual parties because it is ultimately the information that will be used to determine child support payments, alimony payments, as well as the equitable division of property. Inaccurate figures could potentially hurt one's position in a divorce settlement. So, here are some important aspects to keep in mind regarding these statements of net worth.

Each state differs in regards to regulations and the names of the financial affidavit. Regardless, it is just as important in one state as it is in New York. And the point of it is the same.

If one has a divorce attorney, the counselor can examine the document for any mistakes that jump off the paper. It is important that the most accurate figures be provided in this affidavit because even the tiniest mistakes can make a huge difference in one's divorce settlement. The submission of an accurate statement also helps paint the best financial picture for the judge by making sure that the parties leave emotions at the door. Readers likely can appreciate how emotions can get rankled as divorcing couples hash through utility payments, credit card bills, bank statements, mortgage payment receipts and more.

The information provided in a statement of net worth can be revised. In fact, as financial circumstances change, it is important to keep the document updated with the court. Further, all information provided on this document is executed under oath. Therefore, one would be committing a crime if false information were intentionally provided.

To repeat, in order for New York residents to obtain the most favorable divorce settlement, it is crucial that the financial affidavit be accurate. One would do well to go over the information a couple of times to ensure that everything has been documented correctly. If all that's provided are estimates, the only one who is likely to suffer is the party that provides them.

Source: Forbes, "The Five Key Points Divorcing Women Need to Know About Financial Affidavits," Jeff Landers, May 9, 2012

Categories: Property Division

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