Understanding the Role of Financial Affidavits in Florida Divorce Cases
Introduction
Divorce involves more than just separating from a spouse—it requires a fair division of assets, debts, and financial responsibilities. In Florida, both parties must complete a financial affidavit, a document that provides the court with a full picture of their income, expenses, assets, and liabilities. The financial affidavit plays a crucial role in determining alimony, child support, and property division.
This guide explains what a financial affidavit is, how it impacts divorce proceedings, and what steps spouses should take to ensure accuracy and compliance with Florida law.
What Is a Financial Affidavit?
A financial affidavit is a sworn statement detailing a person’s financial situation. In Florida, both spouses are required to file a financial affidavit in most divorce cases, as it helps the court make informed decisions about financial matters.
The document includes:
- Income from all sources, including wages, bonuses, rental income, and business earnings
- Monthly expenses, such as rent, utilities, insurance, and childcare costs
- Assets, including bank accounts, retirement accounts, real estate, and vehicles
- Debts, such as credit card balances, loans, and mortgages
Because a financial affidavit is signed under oath, providing false or misleading information can result in legal penalties.
When Is a Financial Affidavit Required in a Florida Divorce?
A financial affidavit is mandatory in most Florida divorce cases, but the specific requirements depend on the couple’s income level:
- If a party earns less than $50,000 annually, they must complete the Short Form Financial Affidavit (Form 12.902(b)).
- If a party earns $50,000 or more annually, they must complete the Long Form Financial Affidavit (Form 12.902(c)).
Both forms require detailed financial disclosures, but the long form provides a more comprehensive breakdown of assets and liabilities.
Failure to file a financial affidavit can delay the divorce process and may result in court sanctions.
How Financial Affidavits Impact Divorce Settlements
Financial affidavits influence key financial decisions in a Florida divorce, including:
Alimony Determinations
- Courts use financial affidavits to assess whether one spouse needs financial support and whether the other spouse has the ability to pay.
- Income, expenses, and standard of living are evaluated to determine the type and duration of alimony.
Child Support Calculations
- Florida follows child support guidelines based on both parents’ income and financial responsibilities.
- The financial affidavit helps ensure that child support payments are fair and accurately reflect the parents’ financial situation.
Division of Assets and Debts
- Courts require a full disclosure of marital and non-marital property to ensure equitable distribution.
- If one spouse attempts to hide assets, discrepancies in the financial affidavit may reveal financial misconduct.
Because financial affidavits directly impact settlement terms, both spouses must provide honest and complete information.
Common Mistakes to Avoid When Completing a Financial Affidavit
Mistakes or omissions in a financial affidavit can lead to unfair settlements or legal penalties. Common errors include:
- Underreporting income – Failing to disclose all income sources can result in incorrect child support or alimony calculations.
- Overstating expenses – Courts may question inflated expenses that do not align with the couple’s financial history.
- Failing to disclose assets – Hiding assets can lead to legal consequences, including fines or sanctions.
- Ignoring debt obligations – Omitting debts from a financial affidavit can lead to unexpected financial liabilities in the final divorce settlement.
Carefully reviewing financial documents and consulting an attorney can help ensure accuracy and prevent costly errors.
How to Prepare a Financial Affidavit for a Florida Divorce
To complete a financial affidavit accurately, follow these steps:
- Gather Financial Documents
- Pay stubs, tax returns, and bank statements
- Mortgage and loan documents
- Credit card statements and utility bills
- Investment and retirement account records
- Categorize Income and Expenses
- List all sources of income, including wages, rental income, and government benefits.
- Break down monthly expenses into fixed costs (mortgage, car payments) and variable costs (food, entertainment).
- Identify Marital and Non-Marital Assets
- Marital assets include property acquired during the marriage.
- Non-marital assets may include inheritances or gifts received before the marriage.
- Ensure Accuracy and Consistency
- Double-check numbers to ensure consistency with tax returns and bank records.
- Be prepared to provide documentation for any figures listed in the affidavit.
- Review with an Attorney Before Filing
- An attorney can identify errors, ensure compliance with Florida law, and provide guidance on financial disclosure requirements.
Providing a thorough and truthful financial affidavit strengthens a divorce case and ensures a fair settlement.
What Happens If a Spouse Lies on a Financial Affidavit?
Falsifying information on a financial affidavit is a serious offense in Florida. If a spouse is caught lying, they may face:
- Court sanctions for misrepresenting financial information
- Revised financial rulings that favor the honest party
- Contempt of court charges, which could lead to fines or even jail time in extreme cases
If one spouse suspects the other of hiding assets or underreporting income, they can request financial discovery or hire a forensic accountant to investigate discrepancies.
How a Family Law Attorney Can Help
A family law attorney can assist with:
- Reviewing financial documents to ensure accuracy in the affidavit
- Identifying and uncovering hidden assets or financial discrepancies
- Negotiating fair alimony, child support, and asset division based on financial disclosures
- Representing clients in court if disputes arise over financial matters
At Bonderud Law, we help clients complete financial affidavits accurately and protect their financial interests during divorce proceedings. If you need assistance with your divorce, contact us today for a free consultation.
Conclusion
Financial affidavits are a critical component of divorce cases in Florida, influencing alimony, child support, and property division decisions. Accuracy and full disclosure are essential, as false or misleading information can result in legal consequences and unfair settlements.
If you are preparing for a divorce and need guidance on completing a financial affidavit, consulting with an experienced attorney can help ensure that your financial rights are fully protected.
